the buyer or seller pays closing cost
2006-09-17 05:22:13 · 14 answers · asked by cheryl m 1 in Business & Finance ➔ Renting & Real Estate
It can be either. Normally the buyer pays them... It's up to both parties to decide who pays what amount. When Ibought my house, the seller paid 60% of the closing costs and I paid only 40%
2006-09-17 05:24:19 · answer #1 · answered by Screwball 4 · 0⤊ 0⤋
Closing Costs are negotiable in many areas. Usually a buyer should pay for the Title Insurance as its a 1 time cost and runs with the property the whole time the buyer owns the property. Seller furnishes the Deed and the buyer pays recording. Closing at the title company is split between both buyer and seller.
2006-09-17 12:26:40 · answer #2 · answered by Scott 6 · 0⤊ 0⤋
It is to be negotiated by you and the seller and depending on the number of offers they get from other buyers, if the offers are scarce then you'd be able to negotiate more and better, and ask them to pay anywhere from 5 to 2 points or close to that. It is all about how the market is in your area of the Country, the housing market, so if you have an agent have them negotiate it with the seller to give you some points towards closing costs, they would be able to do it if the house has been on the market for quite some time, or if they are in a rush to sell and not getting offers or people to decide to buy that particular home.
Good luck!
2006-09-17 18:43:31 · answer #3 · answered by You are loved 5 · 0⤊ 0⤋
well, you pretty much answered your own question. it all depends on what is agreed upon when you work out the details with buyer/seller.
usually the buyer, but it also depends on how badly the seller wants to sell. if the seller has been sitting on the home for a long time, and has repeatedly lowered the price to entice buyers, he will be more willing to pay the closing.
however in this market, buyer will probably end up paying.
2006-09-17 12:30:22 · answer #4 · answered by NeverReady 3 · 0⤊ 0⤋
There are closing costs that get paid by the buyer and others that get paid by the seller. These can be negotiated. Many buyers ask the seller to contribute a set amount to cover their "prepaids" and financing costs..."seller to pay up to $6000 in buyers closing costs". Be sure to hire a good real estate agent and they will help you to propertly negotiate these things...it does not cost a buyer anything out of their pocket to use an agent and can save them thousands of dollars by utilizing these types of negotiation tactics.
2006-09-17 12:28:57 · answer #5 · answered by anna phylactic 1 · 0⤊ 0⤋
Standard practice is for both the buyer and seller to pay their own closing costs. This may be subject to negotiation depending upon the type of loan and local laws and practices.
2006-09-17 12:26:23 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Each area has its own traditions, but they are all subject to change by specific negotiation. For instance, around here, seller abd buyer usually pay escrow 50/50, seller pays for owners policy of title insurance out of their pocked, and buyer pays all loan costs. But if you get the other side to agree to something different, that's what happens.
2006-09-17 14:14:57 · answer #7 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
The buyer usually does, unless in the contract the seller will. I bought my house and the closing cost was added into my payments.
2006-09-17 12:30:07 · answer #8 · answered by cfoxwell99 5 · 0⤊ 0⤋
Usually the buyer....the seller is supposed to pay the cost to record the deed (since its in his best interst to tranfer it) but usually all the costs are paid by the buyer.
If you live in a jacked up real estate market, like i do in detroit, you can negotiate for the buyer to pay closing costs, redecorating, taxes, etc. etc. etc.
2006-09-17 12:31:20 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Seller
2006-09-17 12:24:51 · answer #10 · answered by Anonymous · 0⤊ 0⤋