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Mikki Porretta, SRES
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818-790-6774
626-462-2416
Mikki.Porretta@
realliving.com
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Paid by "Seller or Buyer"

The Seller can generally be expected to pay for:

 

 

  • Real estate commission
  • Owners title insurance policy
  • ½ of the sub-escrow fee
  • ½ of escrow fee
  • Document preparation fee for deed
  • Documentary transfer tax
  • City transfer or conveyance tax
  • Loan fees required by buyer’s lender (FHA/VA)
  • Payoff all loans against property
  • Interest accrued to lender being paid off, statement fees, reconveyance fees and repayment penalties
  • Termite inspection (according to contract)
  • Inspection fees (roofing, property, geological, etc.)
  • Home warranty (according to contract)
  • Any judgments, tax liens, etc., against the seller
  • Tax proration (for any taxes unpaid at the closing)
  • Any unpaid homeowner’s dues
  • Recording charges to clear all documents of record against seller
  • Any bonds or assessments (according to contract)
  • Any and all delinquent taxes
  • Notary fees

 

The Buyer can generally be expected to pay for:

  • Lenders title insurance policy
  • ½ of the sub-escrow fee
  • ½ of escrow fee
  • Document preparation (if applicable)
  • Notary fees
  • Recording charges for all documents in buyer’s name
  • Tax proration (for any taxes at the closing)
  • Homeowner’s transfer fee
  • All new loan charges (FHA/VA loans)
  • Interest on new loan from date of funding to 30 days prior to first payment date
  • Assumption or change of records fee on existing loan
  • Home warranty (according to contract)
  • Fire insurance premium for first-year
Yours or Theirs - The Personal vs. Real Property Dilemma

The distinction between personal property and real property can be the source of difficulties in a real estate transaction. The purchase contract is normally written to include all real propertry; that is, all aspects of the property that are fastened down or an integral part of the structure. For example, this would include light fixtures, drapery rods, attached mirrors, trees and shrubs in the ground. It would not include potted plants, freestanding refrigerators, washers and dryers, microwaves, book cases, swag lamps, etc. If there is any uncertainty whether an item is included in the sale or not, it is best to be sure that the particular item is mentioned in the purchase contract as being included or excluded.