Buyers VS Sellers: Who Pays For What

Vic Green Realty Dayton, Ohio

We know that it can be confusing and even a bit overwhelming to know what costs you will be required to cover.

That’s why we have supplied you with this list, that details what the average list of expenses are and who is usually responsible to pay for them.

Here is a breakdown of what the buyer can generally be expected to pay for:

  • Title insurance premiums
  • Escrow fee (generally calculated a $2.00 per thousand of purchase price plus $250)
  • Recording charges for all documents in buyer’s names
  • 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 take over of existing loan
  • Inspection fees (roofing, property inspection, geological, etc.)
  • Home warranty (according to contract)
  • Closing costs. These usually total 3% – 5% of the purchase price and are in addition to your down payment.

Included in closing costs:Vic Green Realty Dayton, Ohio

  • Appraisal fee
  • Origination fee
  • Prepaid interest
  • Prepaid insurance
  • Flood certification fee
  • Tax servicing fee
  • Credit report fee
  • Bank processing fee
  • Recording fee
  • VA Loan Required

Here is a breakdown of what the seller can generally be expected to pay for:

  • Real estate commission
  • Document preparation fee for Deed
  • Documentary transfer tax ($1.10 per $1,000 of sales price)
  • Any city transfer/conveyance tax (according to contract)
  • Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer)
  • Interest accrued to old lender, statement fees, Reconveyance fees and any prepayment penalties
  • Termite inspection/work (according to contract)
  • Home warranty (according to contract)
  • Any judgments, tax liens, et., against seller
  • Recording charges to clear all documents of record against seller
  • Tax proration for any property taxes owned at time of transfer
  • Any unpaid Homeowner’s dues
  • Any and all delinquent taxes
  • Notary fees
  • Any bonds or assessments (according to contract)

Please note that these costs can and likely will vary, according to the situation. We are in no way providing legal counsel. Please take your questions and concerns to your Realtor/Closing Agency.

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“We know that it can be confusing and even a bit overwhelming to know what costs you will be required to cover.”