What does the seller/ homeowner have to pay?

Question

Hey all its me again. Quick question guys when you purchase a property ? what does the seller have to pay for? I know both buyer and seller split escrow costs, i know the seller pays for the title search but is there anything else they need to pay for?

Thanks Guys

-Vick

Thanks Guys

-Vick

Jeff Graves · Answer

@Vick Galu  There are certainly some items that are negotiable regarding closing costs...however, lenders can have restrictions on what would be considered an "allowable" cost that is negotiable.  If you have a purchase price I can provide just a very rough estimate...but it won't include the loan fee.

Below are "most" of the fees on my current transaction that is schedule to close June 3.  I represent the buyer.  We did negotiate to have the seller provide a $500 credit towards allowable closing costs.  Purchase price is between $315,000 to $320,000.

Escrow Fee

$938.10

Title Ins

$890.40

Condo Rvw

$125.00

Doc Prep Fee

$275.00

Underwriting

$400.00

Appraisal

$700.00

Doc Prep

$200.00

Credit Report

$30.00

Flood Cert

$12.00

Tax Svc Fee

$70.00

Est. Total

$3,640.50

I hope that helps.

Aloha,

Jeff

Allen Maris · Answer

Hi Vick,

I can't speak for Hawaii, but in CA, everything is negotiable. There's "customary" when you're doing an MLS transaction and what's usually done. I did a deal this year where I didn't pay a dime of closing costs and the buyer paid everything. I did another one that the buyer paid closer to 75% of costs.

Allen

Vick Galu · Answer

@Jeff Graves Hey man thanks i noticed your from the islands so this info is very helpful man thanks for the time you put in. Alohas

-Vick

Russell Brazil · Answer

Every area has different applicable laws and customary practices.  In Maryland/DC sellers pay the agents, half of the transfer and recordation taxes, and a few small fees for the lien releases. It usually costs the seller about 1% of the properties value plus the agent commissions which is typically between 5% and 6%.

Vick Galu · Answer

@Allen Maris Hey Allen thanks for replying man, wow not a dime at closing sweet heh to be honest im hoping hawaii is the same way to, i believe it will help me when i'm talking with the seller/ homeowner about the prices.

Thanks again man

-Vick

What does the seller/ homeowner have to pay?

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