Who Pays What
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The SELLER can generally be expected to pay for:
| Real Estate commission | |
| Document preparation fee for Deed | |
| Documentary transfer tax | |
| Any city Transfer/Conveyance Tax (according to contract) | |
| Payoff of all loans in seller’s name | |
| Interest accrued to lender being paid off, Reconveyance Fees and any Prepayment Fees | |
| Termite Inspection (according to contract) | |
| Repairs resulting from inspections (according to contract) | |
| Home Warranty (according to contract) | |
| Any judgments, tax liens, etc., against seller | |
| Tax proration (for any taxes unpaid at time of transfer of title) | |
| Any unpaid Homeowners’ Dues | |
| Recording charges to clear after documents of record against seller | |
| Any bonds or assessments (according to contract) | |
| Any and all delinquent taxes | |
| Notary Fees | |
| Escrow Fee (or one half – according to contract) | |
| Title Insurance Premium for Owner’s Policy |
The BUYER can generally be expected to pay for:
| Title Insurance Premium for Lender’s Policy | |
| Escrow Fee (or one half – according to contract) | |
| Document preparation (if applicable) | |
| Notary Fees | |
| Recording charges for all documents in buyers names | |
| Termite Inspection (according to contract) | |
| Tax proration (from date of acquisition) | |
| Homeowners’ transfer fee | |
| All new loan charges (except those required by lender for seller to pay) | |
| Interest on new loan from date of funding to 30 days prior to first payment date | |
| Pro- rated property taxes | |
| Inspection Fees (roofing, property inspection, geological, and in rural areas; septic tank and well inspections) | |
| Home Warranty (according to contract) | |
| City Transfer/Conveyance Tax (according to contract) | |
| Fire Insurance Premium for first year |
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Gloucester/Salem Counties Board of
REALTORS |