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Real Estate Closing Costs Who Pays For What
This has caused confusion and misunderstanding about what exactly are the closing costs and who pays for what. Closing costs are simply the cost of all the "closing" of the real estate transaction. There are no rules about who should pay for what, everything is negotiable. However, here in Arizona has a set of conventional expectations.
First Down Payment
Accounts are not closing costs, as such, but there is a cost to be paid at closing and to avoid confusion I will just mention the following: down payment is the difference between the purchase cost of ownership and the amount of your new loan. For example, if the purchase price of your new home is $ 1,00,000.00, your lender may require you to pay 10% or $ 10 000 to the loan you 90% or $ 90,000.00 for a combined total of $ 100,000.00. The payment is always paid by the purchaser and are not negotiable.
2. Tax Insurance Brokers'
Sales commissions paid to the seller in a traditional set of hiring a listing agent for the seller to list his / her property for sale. Listing agent then pays the buyer's agent a part of this Commission. There are situations in which the buyer pays his agent, for example, real estate, which may be for sale by owner (FSBO) in which there is no agreement list.
3rd payment of existing loans (including prepayment penalties exist) and Re-allocation FeeIf seller has an existing mortgage on the property, the loan must be paid before the title can be transferred to the buyer. Generally, the seller will use funds from the buyer to pay the loan and keep the difference, if any. When the loan is repaid, the lender will issue the certificate vendor Re-transport, freeing the seller's responsibility. The existing loan is obviously paid by the seller.
4. Property Repairs
Repairs on goods in the sales process is generally desired by the purchaser and paid by the seller.
5. Property Taxes
Property taxes collected annually by your county assessor and paid twice a year. In the final transaction is proportional. This means that the seller pays tax on the day of closing and the buyer pays it forward.
6. Association homeowners' Fees
All HOA transfer fees that are usually distributed to both parties, Disclosure and HOA fees are usually charged to the seller.
7. Property inspection and termite control
Property inspections, Termite inspections are the buyer's discretion and, therefore, paid by the buyer. They are mostly paid to the seller directly and not via escrow.
8. Document Preparation Fee
These fees are charged by the lender to the buyer for the preparation of loan documents and is paid by the buyer.
9th Lending fees and discount points