Submitted 05/14/07 02:41 PM
Q. Who is responsible for paying closing costs when selling or buying?
Submitted 05/14/07 02:52 PM
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.
Submitted 05/14/07 03:58 PM
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.
Submitted 05/15/07 08:33 AM
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.
Submitted 05/16/07 12:05 AM
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
Submitted 05/18/07 08:40 PM
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.
Submitted 05/24/07 10:19 PM
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.
Submitted 05/30/07 09:03 AM
Submitted 10/14/09 09:26 PM
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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