when selling your house who pays for closing costs?

Question

and approx.how much will it be

in SAN Jose, CA

Answer 1

The closing costs are normally paid by the buyer. Sometimes a seller will offer to pay them off. This gives extra incentive for someone to buy their house. Their approximate cost depends on how expensive the house is.

Answer 2

There are settlement costs that are the responsibility of the buyer and costs that are the responsibility of the seller. Depending on how the contract is written ... usually based on the market conditions ... the buyer may request that the seller pay some or all of the buyer's closing costs. The seller is under no obligation to do that, though, and must consider that in conjunction with all of the other terms and conditions of the offers being reviewed.

The amount of closing costs varies from jurisdiction to jurisdiction and can be impacted by State transfer taxes, County transfer taxes, County recordation taxes, etc, as well as some of the costs that are charged to both buyer and seller. There will also be charges to the buyer for title insurance and lender fees.

Answer 3

Both the seller and the buyer have their own closing costs. Sometimes the seller will pay some of the buyer's closing costs. The costs are anywhere between 3% - 5% of the home purchase price.

Answer 4

This varies by location. In some areas the seller pays all of the closing costs. In other areas the buyer pays all of the closing costs. And in many areas each party pays a portion of the costs.

Also, the closing costs are often negotiable. Even if it is not customary for the seller to pay in your area you may be able to negotiate that as part of your contract.

The amount of the closing costs varies by location as well. I often see closing costs ranging from 1% to 3% of the purchase price.

Try calling a realtor or real estate attorney in your area. They should be able to tell you what is customary there.

Answer 5

there is actually closing costs for seller and the buyer. the seller pays escrow and title fees, and sometimes some tranfer fees. the buyer also pays. title and escrow fees and their own closing costs for the home loan if they do not pay cash. I am in california and can tell you alot of buyers now ask seller to contribute to their closing costs. basically lets say you are asking $400,000 for your home. they may offer you the $400,000 but ask you for 3% towards closing costs. so you will pay your closing costs as I explained above and credit the buyer $12,000 towards their costs. That is probaly a lot more then they will need. A good selling technique would be ask your price and state that it will include. $8,000 towards closing costs for a buyer. this is a great incentive and may help you sell your home

Answer 6

It really depends. In some areas of the country they are paid by the seller, others by the buyer. There can also be a split of the closing costs, this is something that can be negotiated.

Closing costs vary greatly, it would be best to contact a local escrow company or your realtor for a better idea.

Answer 7

In "normal" situation, a seller and a buyer pay for their own closing costs, BUT you can negotiate. It's not unusual for one party to pay the majority of cost or even all of it.
As for how much, there are a bunch of closing cost calculators on the net. Do a search for "Closing cost calculator." Keep in mind those calculators give you a general idea, not the exact amount.

Answer 8

It's usually the buyer that pays closing, but can be the seller. I got the seller to pay when I bought my house and they agreed because they were anxious to sell. I cost depends on the price of the home.

Answer 9

The seller pays for most of them.. Here in Colorado the buyer and seller Split the Real Estate Closing Fee's which are very minimum. If your the seller you would like to split everything, but that doesn't usually work..

Cheers

Answer 10

Each party has their own closing costs that they are responsible for. As a matter of practice though most items can be negotiated between the parties.