Who Pays for What?

One very common question of real estate transactions is, "Who pays for what on a real estate transaction". Below is a list to give you an idea of some of the common expectations, but this list will vary from region to region. Also, if it's a buyer's or seller's market could possibly change the common fee responsibility.

Seller or Buyer

The SELLER could generally be expected to pay for the following.

bulletReal Estate Commission -or- Brkoer Fees
bulletDocument preparation fee for Deed
bulletDocumentary transfer tax
bulletAny city Transfer/Conveyance Tax (according to contract)
bulletAny loan fees required by buyer's lender
bulletPayoff of all loans in seller's name (or existing loan balance if being assumed by buyer)
bulletInterest accrued to lender being paid off, Statement Fees, re-conveyance Fees and any Prepayment Penalties
bulletTermite Inspection (according to contract)
bulletTermite Work (according to contract)
bulletHome Warranty (according to contract)
bulletAny judgments, tax liens, etc., against the seller
bulletTax pro-ration (for any taxes unpaid at time of transfer of title)
bulletAny unpaid Homeowner's dues
bulletTitle Insurance Premium
bulletRecording charges to clear all documents of record against seller
bulletAny bonds or assessments (according to contract)
bulletAny and all delinquent taxes
bulletNotary Fees
bulletEscrow Fee

The BUYER could generally be expected to pay for the following.

bulletTitle Insurance Premium
bulletEscrow Fee
bulletNotary Fee
bulletDocument preparation (if applicable)
bulletRecording charges for all documents in buyer's name
bulletTermite Inspection (according to contract)
bulletTax proration (from date of acquisition)
bulletHomeowner's transfer fee
bulletAll new loan charges (except those required by the lender for seller to pay)
bulletInterest on new loan from date of funding to 30 days prior to first payment date
bulletAssumption/Change of Records fees for takeover of existing loan
bulletBeneficiary Statement Fee for assumption of existing loan
bulletInspection Fees (roofing, property inspection, geological, etc.)
bulletHome warranty (according to contract)
bulletCity transfer/Conveyance Tax (according to contract)
bulletFire insurance Premium for first year