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  • Who Pays For What?

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    David M. Evans
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    This document outlines typical expenses paid by buyers and sellers in a real estate transaction. The seller generally pays expenses such as the real estate commission, outstanding loans on the property, and taxes owed up to the date of sale. The buyer generally pays expenses for the title insurance policy, escrow fees, document preparation, taxes from the date of acquisition, and any loans taken out to finance the purchase. The document also discusses the distinction between personal property that is removable from the home versus real property that is attached and included in the sale.

    Original Description:

    Who traditionally pays for fees in a real transaction

    Original Title

    Who pays for what?

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    This document outlines typical expenses paid by buyers and sellers in a real estate transaction. The seller generally pays expenses such as the real estate commission, outstanding loans on the property, and taxes owed up to the date of sale. The buyer generally pays expenses for the title insurance policy, escrow fees, document preparation, taxes from the date of acquisition, and any loans taken out to finance the purchase. The document also discusses the distinction between personal property that is removable from the home versus real property that is attached and included in the sale.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    19 views1 page

    Who Pays For What?

    Uploaded by

    David M. Evans
    This document outlines typical expenses paid by buyers and sellers in a real estate transaction. The seller generally pays expenses such as the real estate commission, outstanding loans on the property, and taxes owed up to the date of sale. The buyer generally pays expenses for the title insurance policy, escrow fees, document preparation, taxes from the date of acquisition, and any loans taken out to finance the purchase. The document also discusses the distinction between personal property that is removable from the home versus real property that is attached and included in the sale.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    w w w. C h i c a g o T i t l e .

    c o m

    W HO PAYS FOR W HAT . . .


    IN A T Y P I C A L R E A L E S T AT E T R A N S A C T I O N .

    The SELLER can generally be The BUYER can generally be


    YOURS or THEIRS
    expected to pay: expected to pay:
    The Personal vs. Real Property
    Dilemma
    Real Estate Commission Title insurance premium for Lenders policy
    Document preparation fee for deed Escrow fee (one half)
    The distinction between personal property
    Documentary transfer tax, if any Document preparation (if applicable)
    and real property can be the source of
    Payoff of all loans in Sellers name Buyer Notary fees
    difficulties in a real estate transaction. A
    Interest accrued to lender being paid off Recording charges for all documents in Buyers
    purchase contract is normally written to
    Statement fees, reconveyance fees and any name
    include all real property, that is, all aspects
    prepayment penalties Tax proration (from date of acquisition)
    of the property that are fastened down or
    Termite inspection (or according to contract) All new loan charges (except those required by
    an integral part of the structure. For
    Termite work (or according to contract) Lender for Seller to pay)
    example, this would include light fixtures,
    Home warranty (or according to contract) Interest on new loan from date of funding to 30
    drapery rods, attached mirrors, trees and
    Any judgments, tax liens, etc., against the Seller days prior to first payment date
    shrubs in the ground. It would not include
    Tax proration (for any taxes unpaid at time of
    transfer of title)
    Assumption/change of records fees for takeover
    of existing loan
    potted plants, free-standing refrigerators,
    washer/dryers, microwaves, bookcases,
    Any unpaid homeowners dues Beneficiary statement fee for assumption of
    swag lamps, etc.
    Recording charges to clear all document of record existing loan
    against Seller Inspection fees (roofing, property inspection,
    If there is any uncertainty whether an item
    Any bonds or assessments (or according to contract) geological, etc.)
    is included in the sale or not, it is best to
    Any and all delinquent taxes Fire insurance premium for first year
    be sure that the particular item is mentioned
    Seller Notary fees
    in the purchase agreement as being
    Escrow fee (one half)
    included or excluded.
    Title insurance premium for Ownerss policy
    Homeowners transfer fee
    ...
    City transfer/conveyance tax (or according to contract)

    Chicago Title
    the trusted name in

    Chicago Title title insurance for


    o v e r 160 y e a r s .

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