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Sellers Closing Costs |
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What are the usual and customary costs and fees paid by the seller at time of settlement? |
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Local closing customs vary widely from one area to another, and everything is negotiable between buyer and seller. Seller usually has a real estate broker to pay, in my area a lawyer. In some places the seller routinely pays for a survey, in other locations it's usually the buyer. Sometimes a seller has agreed to pay points to the buyer's mortgage company, sometimes sellers help with the buyer's closing costs, sometimes they don't. The seller usually pays any state or local transfer tax, but again -- if the seller doesn't the buyer must. A broker should furnish an estimate of seller's proceeds well ahead of time, perhaps when the seller is considering a specific written offer. |
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Edith
Originally published on July 26, 2008 |
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