The seller can normally be expected to pay for the following:
- Real estate commission.
- Payoff of all loans in seller’s name.
- Fees, re-conveyance fees, and prepayment penalties.
- Home warranty according to the contract, if any.
- Any judgments, tax liens, etc., against the seller.
- Recording fees to clear all documents of record against the seller.
- Tax pro-ration. This is for any unpaid taxes at the time of transfer of title.
- Any unpaid homeowner-association dues.
- Any assessments according to the contract.
- Any and all delinquent taxes per the contract.
- Tax Stamps
- Termite inspection if being asked to on the contract.
- Repairs
The buyer can normally be expected to pay for the following:
- Lender’s title-policy premium—American Land Title Association (ALTA).
- Recording charges for all documents in buyers’ names.
- All new loan charges (except those required of the seller by the lender).
- Interest on a new loan from date of funding to 30 days prior to first payment date.
- Home warranty according to contract.
- Fire-insurance premium for the first year.
- Home inspection.
- Reserve account for taxes and insurance.
- Flood-certification fee.
- Termite inspection, according to the contract.
- Tax stamps if it is new construction