This chart shows what things each party (buyer or seller) is expected to pay in a typical real estate transaction:
| Seller |
Buyer |
- Real estate commission
- Document preparation fee for deed
- Document transfer tax, if any
- Payoff of all loans in Seller’s name
- Pay off existing loan interest accrued to lender being paid off (daily interest)
- Statement fees, reconveyance fees and any prepayment penalties
- Termite inspection (or according to contract)
- Home warranty (or according to contract)
- Any judgements, tax liens, etc. against the Seller
- Tax proration (for any taxes unpaid at time of transfer of title)
- Any unpaid homeowner’s dues
- Recording charges to clear all documents of record against the Seller
- Any bonds or assessments (or according to contract)
- Any or all delinquent taxes
- Seller Notary fees
- Escrow fee (one half of total fee)
- Title insurance premium for Owner’s policy
- Homeowner’s transfer fee
- City transfer/conveyance tax (or according to contract)
- HOA transfer
- CIC Capital contribution
|
- Title insurance premium for Lender’s policy
- Escrow fee (one half of total fee)
- Document preparation (if applicable)
- Buyer Notary fees
- Recording charges for all documents in Buyer’s name
- Tax proration (from date of acquisition)
- All new loan charges (except those required by Lender for Seller to pay)
- Interest on new loan from date of funding to 30 days prior to first payment date
- Assumption/change of records fees for takeover of exsting loan
- Beneficiary statement fee for assumption of existing loan
- Inspection fees (roofing, property inspection, geological, etc.)
- Fire insurance premium for first year
- Appraisal
- Home inspection
- Up Front Mortgage Insurance Premium (UFMIP) for VA loan.
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