Location: Florida
Submitted 05/14/07 02:41 PM

Q. Who is responsible for paying closing costs when selling or buying?

 

Answer #1
Submitted 05/14/07 02:52 PM
Phil Malhao (Elite Legacy Realty Inc.): Real Estate Broker/Owner in Orlando, FL Phil Malhao (Elite Legacy Realty Inc.)
Real Estate Broker/Owner
Orlando, FL

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A. Typically the buyer pays for the buyers' closing costs and the seller pays for the sellers' closing costs. However, the contract will dictate who pays for what. It is possible to have either the buyer or the seller pay for all the closing costs, it depends on how the contract was structured.

Answer #2
Submitted 05/14/07 03:58 PM
Donna Harris, Realtor, CDPE & ASP - Hill Country Lakeway Austin (Regent Property Group): Real Estate Agent in Austin, TX Donna Harris, Realtor, CDPE & ASP - Hill Country Lakeway Austin (Regent Property Group)
Real Estate Agent
Austin, TX

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A. I agree with Elite's answer. Keep in mind that as a buyer, when a seller pays the closing costs, it doesn't actually mean the seller is paying the closing costs. It means, you, as the buyer, are financing your closing costs over the term of the loan, typically 30 years, and you're paying interest on that amount. No seller is actually that gracious to just hand money to the buyer. For example, if the seller agreed to closing costs and then you didn't want them, you could probably reduce the sales price by the amount of the closing costs you asked for as the seller's net is the same.

Answer #3
Submitted 05/15/07 08:33 AM
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC, Personal Service, always. (Waters Realty of Brevard, LLC): Real Estate Broker/Owner in Melbourne, FL Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC, Personal Service, always. (Waters Realty of Brevard, LLC)
Real Estate Broker/Owner
Melbourne, FL

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A. You alrady have two excellent answers. I believe DOnna nailed it with her insightful comment - the buyer is financing the teh closing costs over the life of the loan. Everything is negotiable though. Good luck.

Answer #4
Submitted 05/16/07 12:05 AM
Katrina Madewell, Tampa FL Homes for sale | Tampa Bay - (813) 777-1196 (Charles Rutenberg Rlty- More than 5,000 agents(813) 777-1196): Real Estate Agent in Tampa, FL Katrina Madewell, Tampa FL Homes for sale | Tampa Bay - (813) 777-1196 (Charles Rutenberg Rlty- More than 5,000 agents(813) 777-1196)
Real Estate Agent
Tampa, FL

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A. This is actually depending on EXACTLY how the contract is written, there is nothing "standard" anymore it seems. We have seen nearly every average priced home include typically 3% of purchase price paid by seller for the buyer. THIS IS A BUYERS MARKET and you do have VERY anxious motivated sellers in this market! Hope this Helps Katrina Madewell

Answer #5
Submitted 05/18/07 08:40 PM
John H. Pestalozzi Jr. (Florida Executive Realty): Real Estate Agent in Tampa, FL John H. Pestalozzi Jr. (Florida Executive Realty)
Real Estate Agent
Tampa, FL

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A. The specifics would be listed in the contract. The FAR8 and FAR9 real estate contracts typically used in Fl real estate purchases spell out which closing costs the Seller agrees to pay. Of course, anything in a purchase offer can be changed in modified for either the Buyer or to the Seller's benefit.

Answer #6
Submitted 05/24/07 10:19 PM
Highland Beach Condos David Serle, Boca Raton Agent David Serle (RE/MAX Services): Real Estate Agent in Highland Beach, FL Highland Beach Condos David Serle, Boca Raton Agent David Serle (RE/MAX Services)
Real Estate Agent
Highland Beach, FL

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A.

There are what is called standard and customary selling closing costs, and buyers closing costs.  In the state of Florida the seller usually pays for the doc stamps on the deed, title search, real estate commission, document preparation, estoppel fees for your homeowners or condo association, overnight fees to payoff your existing mortgages, and the cost of recording the deed.  In Palm Beach County, usually the seller would also be responsible for title exam and title insurance.  Buyer's closing costs usually are all costs associated with the Lender and mortgage comapny that is financing them, doc stamps and intangible tax on the mortgage, title insurance, title exam, Settlement or closing fee for the title company, survey, appraisal, courier fees, and costs for recording the mortgage and riders.  All these fees are negotiable prior to accepting a contract.  Usually, who ever pays for the title insurance picks the title agent, but even that can be negotiated.  I hope this was helpful.

Answer #7
Submitted 05/30/07 09:03 AM
Marcial  Maier (Global trade): Commercial Real Estate Agent in Hallsville, NY Marcial Maier (Global trade)
Commercial Real Estate Agent
Hallsville, NY

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A.

Great information,

 

Answer #8
Submitted 10/14/09 09:26 PM
Darryl Brasseur (Brasseur Realty): Real Estate Sales Representative in Prairieville, LA Darryl Brasseur (Brasseur Realty)
Real Estate Sales Representative
Prairieville, LA

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A.

Seller usually pays Realtor fees and buyer pays his closing costs unless you have a motivated seller that will pick it up...

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