In New Mexico real estate transactions it has become very common for Buyer and Sellers to typically pay for certain costs related to the purchase and sale of a house, condominium or land.
Buyer typically pays for these items:
- escrow fees
- recording changes for all documents related to transfer of title to buyer
- prorated share of taxes
- all new loan charges and lender fees including: appraisal, credit report, tax service fee, loan origination or discount fee, reserves for property taxes and insurance, flood certification and mortgage insurance premium
- title insurance premium (the lender policy)
- interest on a new loan starting from the day of funding to 30 days prior to the first loan payment date
- Homeowner (HOA) or Condomium (COA) owner transfer fees if applicable
- fire insurance premium for the first year
Seller typically pays for these items:
- Real estate brokerage commission(s)
- escrow fees
- appraisal fees (per contract terms)
- payoff of loans in Seller name
- home warranty (per contract terms)
- any judgements, liens etc against the seller
- prorated share of taxes (for any taxes unpaid at the time of title transfer)
- any unpaid HOA or COA dues
- recording charges to clear all documents of record against the seller
- any outstanding assessments
- any and all delinquent taxes
- title insurance premiums for the owners policy
- seller credit for closing costs (per contact terms)
It is important for both Buyer and Seller to review these fees with their Realtor or agent prior to drafting and presenting and signing any documents. Speak with your Realtor or agent about negotiation of the above items of who pays what. Everything is negotiable.
Are you ready to learn more about the opportunities for Buyers and Sellers in the Santa Fe NM real estate market? You can search for homes and find valuable real estate information, facts and news there. Let's connect for a conversation about our market and how I can help you benefit from what's happening today in Santa Fe real estate. Call/Text 505-660-4541 for a confidential conversation or to schedule an appointment with Emily Medvec, your local licensed and experienced professional Realtor.
Thank you for reading and/or commenting on this blog post by Emily Medvec, copyright 2022. Image licensed from Shutterstock.
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