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Joan Patterson, Realtor, License #01431647
http://www.inlandempirerealestate.kwrealty.com
I get asked all the time who pays for what when it comes to buying a home in the Inland Empire of Southern California. People don't always know who should pay for what and what items are negotiable as well.
Buyers and sellers each have costs when it comes to buying and selling a home! Buyers have more costs only if they are obtaining a loan because there are charges to get a loan. A lender should give a buyer the Truth in Lending form which states all the items that a buyer will need to pay for. This is a mandated form so that a buyer is not shocked at the closing with something that was not disclosed on the Truth in Lending form. Buyers typically have to pay for a appraisal fee, title insurance, notary fees, recording fees, credit report fees, tax service fees, pre-paid insurance, pre-paid interest, origination fee, flood certification fee, and escrow fees etc. Very rarely do they need to pay for their realtor who found them a home. There is only one instance that I can tell you that could happen if the seller is not offering the buyer's agent a full commission sometimes this can get passed down to the buyer. However, I have never done this to any of my buyers. I take the commission I get even if it has been cut. I want my clients happy and won't make them pay me!
The seller pays the real estate commission to the agents. This is based on the sales price. Sellers also have to bring the property taxes current. Sellers still have to pay their own escrow fees, title fees, prorated taxes, reconveyance fees, notary fees, home warranty, termite report, natural hazard zone disclosure report and maybe even a pre-payment on the loan that they are paying off early.
If you have any questions, you should ask your realtor before listing your home a seller's net sheet should be given to you if you are a seller. As far as buyers, a buyers cost sheet should be given to you as well. Of course, these fees are estimates and your realtor should try to get as close as possible to the fees. If I can help you in any way, give me a call.
Joan Patterson, B.A, G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
http://www.inlandempirerealestate.kwrealty.com
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