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Who Pays, and What Items?

THE SELLER CUSTOMARILY PAYS FOR:

  • Real estate commission.
  • Document preparation fee for Deed.
  • Documentary transfer tax – The tax stamp rates are the same in each county (.70 per $100, except for Miami-Dade which is .60 per $100).
  • Any loan fees required by buyer’s lender.
  • Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer).
  • Interest accrued to lender being paid.
  • Statement Fees, Reconveyance Fees and any Prepayment Penalties.
  • Home Warranty (according to contract).
  • Any judgments, tax liens, etc., against the seller.
  • Tax proration (for any taxes unpaid at Transfer of Title).
  • Any unpaid Homeowner’s Association dues.
  • Recording charges to clear all record against seller.
  • Any bonds or assessments (according to contract).
  • Any and all delinquent taxes
  • Notary Fees.
  • Escrow Fee.
  • Title Insurance Premium (Palm Beach County, not for real estate located in Miami-Dade and Broward County).

THE BUYER CUSTOMARILY PAYS FOR:

  • Title Insurance Premium (Miami-Dade and Broward County only, not Palm Beach County).
  • Escrow Fee.
  • Notary Fees.
  • Document preparation (if applicable).
  • Recording charges for all documents in buyer(s) names (according to contract).
  • Homeowner’s transfer fee.
  • All new loan charges (except those required by lender for seller to pay).
  • Tax proration (from date of acquisition).
  • Interest on new loan from date of funding to 30 days prior the first payment date.
  • Assumption/Change of Records fees for takeover of existing loan.
  • Beneficiary Statement Fee for existing loan.
  • Inspection Fees (roofing, property inspection, geological, etc.)
  • Home Warranty (according to contract).

PROPERTY – WILL IT BE YOURS OR THEIRS?

THE PERSONAL VS. REAL PROPERTY DILEMMA

The distinction between personal property and real property can be the source of difficulties in many real estate transactions. A purchase contract is normally written to include all real property; that is, all aspects of the property that are fastened down or an integral part of the structure. For example, this would include light fixtures, drapery rods, attached mirrors, trees and shrubs in the ground. It would not include potted plants, free-standing refrigerators, washer/dryers, televisions, bookcases, swag lamps, etc.
If there is any uncertainty whether an item is included in the sale or not, these particular items should be addressed and outlined in the purchase agreement as being included or excluded in the contract.