I'm assuming in an assignment, the buyer you assign it to will ay closing, but who pays closing in a double escrow?
NEW! BP Podcast 019: Starting Out Tips, Short Sales, and Working with Virtual Assistants w/ Tracy Royce
Hide thisPeople to Know
From the BiggerPockets Blog
-
You Just Passed Your Real Estate License Test. Now What?
-
Overcoming Fear of Talking to Sellers and Their Objections
-
What "Deed" You Say To Me? Watch What You're Conveyin'
Who Pays Closing Costs
8 posts by 7 users
@David Littleton Each state and even area is different. We always write the contract so that it's 1/2 each.
Karen Margrave, Parlay Investments, 1st American Construction
E-Mail: parlayinvestments@gmail.com
Website: http://www.1555harbor.com
PARLAY: definition: to increase or
otherwise transform into something of much greater value
Negotiate it, anywhere, except that a borrower must be shown as paying pre-paids on many loans, other than that...whtaever, it usually goes to local custom if not contracted. :)
- 119 posts
- 1 award
@David Littleton It all depends on how the deal is structured and what is customary in your state. Here in Maryland it's customary for seller and buyer to split closing cost because fees are around 3%. But again, it can be negotiated..
It is whatever the contracts say - which is whatever you can negotiate.
There are limitations people, if your buyer is getting a secondary market loan, the seller may not pay just anything. That's in any state. The seller can compernsate for pre-paid items in some ways but credits won't save expenses and plays on the loan to value.
Great answers however bottom line is the buyer in almost all situations is paying the costs. Whether they're on the sellers HUD1 as expenses or not.
Closing costs are like Realtor commission in that they are authorized by the seller however they're coming out of the proceeds the buyer gives the seller.
Michael Quarles, Yellow Letters
E-Mail: michael@YellowLetters.com
Telephone: 888-YOUR-MAIL
Website: http://www.YellowLetters.com
Provider of: Yellow Letters - Zip Letters - Post Cards
About BiggerPockets |
Press |
Advertising |
Stats |
Contact Us |
Help
| Upgrade to PRO
Terms of Use |
Privacy Policy
BiggerPockets ® is a registered trademark of BiggerPockets, Inc.
Copyright © 2004-2013 BiggerPockets Inc. All Rights Reserved.
Follow us:
