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All real estate transactions have similar closing costs but vary depending on many variables like state taxes, insurance, processing fees, etc. A general rule, or average, would be 2% of the sale price.

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โˆ™ 2011-02-19 20:54:27
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Q: What are the typical closing costs and fees that the seller pays when selling land?
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Does the seller to pay closing cost?

Generally the buyer pays closing costs. Some closing costs legally MUST be paid by the buyer. However, the seller could offer to pay some costs if they want to, or the buyer could ask the seller to pay some of the closing costs. Ultimately the seller has to decide how badly they want to make the sale.

What are the typical costs for a seller who owns a condo free?

Your local realtor can answer your question, especially if your question involves selling your unit.

What are the typical mortgage closing costs?

Upon selling a house, either the seller, the buyer, or both, will have to pay additional costs to close the transaction. How much each party pays is negotiated and finalized in their real estate contract, and may vary depending on location, loan amounts, commission percentages and fees charged by the lender. Typically, closing costs can be estimated to be approximate 3-5% of the overall mortgage.

What is the percentage of seller closing costs on commercial property?

The percentage is negotiable.

What can you do if you do not have enough money for closing costs?

You can borrow it from your Whole Life cash value, sometimes you can finance it in, money back from the seller for closing costs, borrow it, etc.

What closing costs can a seller legally pay for a buyer?

The underwriting requirements of a mortgage you may be taking to buy the property have restrictions that dictate the percentage and the type of closing costs that the seller can pay and still allow the borrower to qualify for the loan. These vary with all of the many mortgage programs that are available. == == Generally those closing costs that can be paid by the seller for the buyer are referred to as "non-recurring" closing costs. Call your local escrow company, and they can tell you what is appropriate for your area.

If you have seller concession on a purchase do you have to pay closing costs and then get reimbursed?

No, prior to the closing, the attorney or title company should have all the information in regards to all costs in buying the home. At close, everyone will be given a HUD/Settlement Statement--the left side will list all costs pertaining to the buyer and on the left all costs pertaining to the seller. If the seller is paying some or all your closing costs the title company/attorney will show your costs on the seller side. In other words, you will get credit at the close. Depending on the state in which you live and the type of loan you are doing, the seller is limited to a certain amount that they can pay. Normally you will not be reinmbursed by the seller after close if the seller offered to pay more than they were allowed.

Who pays closing cost on sale of real estate buyer or seller?

Everything is negotiable. In the US, the closing costs are mostly a buyer expense. The Seller has some closing costs such as commission to a listing agent if one is used, deed preparation, and revenue stamp fees charged by the state or locality. Often the buyer will have the seller pay a portion of closing costs to conserve cash, while paying a slightly higher price. Many large builders are also in the mortgage business and pay some closing costs to have another revenue stream.

Freight costs incurred by a seller on merchandise sold to customers will cause an increase in what?

selling price

What are the typical closing costs to refinance a home?

The typical closing cost to refinance a home can vary depending on the region and type of home. In general however, one can expect to pay about 1000 to 2000 dollars.

Are there any advantage to the seller that does a sellers consetion?

Many time a potential buyer does not have the funds for a downpayment and the closing costs. The seller will give money back to the buyer at the closing to cover these costs. In most cases, the seller is mainly concerned with what they are netting..meaning how much money they are actually walking away with. A Seller's Concession is a tool to help a potential buyer qualify to purchase. Assuming the home appraises out there is very little impact on the seller

What are the typical closing costs when buying a home?

The closing costs are most based on the admistration and legal end of buying a home. The include the cost of drawing up deeds, local government costs and any financial costs like that of setting up a loan or mortgage.

What are typical costs during a mortgage refinance?

Closing costs vary by region and by lender. Some lenders charge a flat-rate for a refinance, while others may extend an offer of no closing costs. Your best bet is to contact your lender and ask about closing costs for a refinance. Your banker or real estate professional can fill you in on details.

What do you mean by whole selling?

wholesale means large lots of product without distributor or detail seller costs

If a private seller is selling the home of her deceased father and 6 percent is added to the asking price to cover the Seller Assist amount will the seller pay inheritance tax on the adjusted amount?

That is a question for your tax attorney or accountant. In general, costs associated with selling an estate are tax deductable.

Is it legal for a buyer to request the seller who has offered credit for repairs to have a statement in the final paperwork indicating that the credit is for closing costs NOT repairs?

No how can it be leagel

What closing costs should one expect if paying cash in full for a house?

Closing costs have become such a debated issue but in essence closing costs are really the same no matter what. It is unfortunate though that many people in the industry abuse it and sometimes mislead the client and that creates the misconception of closing costs. Then you have the no closing costs or no points loans when in essence you are getting the no cost loan by accepting a higher interest rate and over the life of the loan you'll probably pay the closing costs or points 4 times over. Typical closing costs for a buyer are. Termite Inspection (if required by the lending bank) Appraisal Fee Attorney Fee Origination Points (1 point = 1% of the loan amount) Title search Title Insurance Mortgage Tax (if applicable in your state) PMI (on a conforming loan over 80% financing) Banks Attorney Homeowners insurance Escrows (if creating an impound account for property taxes and insurance) per diem interest (money on interest borrowed for the remained of the month. i.e you close on the 16th of the month, so you will need 14 days interest to the bank). Those are the typical closing costs, title insurance is a buyers expense. Ofcourse it can be negotiated where the seller pays some or even all of the buyers closing costs and that's known as a sellers concession or seller assist but it must be noted in the sales contract, as well as in the loan and appraisal in some cases. Mortgage tax can be as low as 0.32% in Florida or as high as 1.75% in NY. Some states have none, some states don't require a bank attorney at closing. Your best bet is to contact a title company in your state and get a list of the state closing costs. Usually I tell clients to estimate anywhere from 4-6% of the loan amount as their closing costs.

Are selling costs variable costs?

If selling costs varies with production level then selling costs are variable costs but if they remain fix then these are fixed costs.

Does one usually take out all of the equity before selling?

There is no need. You will get the equity in the home at closing anyway, without having to pay the closing costs associated with an equity loan.

What is financing concession?

Usually it means that the seller has agreed to pay all or a portion of the buyer's closing costs. This is very common in new construction sales.

Home Sale Worksheet?

Get StartedThe Home Sale Worksheet is a worksheet designed to assist a seller with the sale of a personal residence. The worksheet includes a section that allows the seller to compare information regarding real estate agents. It also includes a checklist to use in preparing the home for sale.The worksheet also offers a closing costs schedule to track the various costs of the buyer and seller that will be included as part of the sale of the residence, including commissions, title fees, property taxes, insurance, and recording costs. If the seller will pay a percentage of the buyer's closing costs, information about the buyer's closing costs may be entered. A progress chart allows the seller to monitor the progress of the real estate agent and the buyer's loan application process.This worksheet is not intended as a substitute for a real estate agent or lawyer. However, it provides important information and assistance in choosing an agent and monitoring the progress of the sale.

Asking a seller to pay half of closing cost is this a rarity or common practice?

I am in the mortgage industry 23 years. My experience has taught me that a Veteran can have the seller pay the closing costs on the buyers behalf. But if you have a savy realtor who can get a seller to sign the purchase contract which states the seller will pay $5,000.00 of the buyers closing costs, it is allowable provided the purchase contract clearly states what the seller agreed to pay on the buyers behalf. I recommend you put a dollar figure (such as $5,000.00) rather than stating "seller to pay buyers closing costs" because the seller will know up front what he is expected to pay on your behalf and won't freak out at time of closing. If the seller does not agree to pay any of your closing costs, you may still benefit from purchasing the home in other ways. Be creative. Include in the contract that a home warranty covering the roof, the pipes, the waterheater, or the A/C unit, kitchen appliances, any pre-existing structure damage be repaired and defects in electrical wiring be covered for 3 or 5 years, and ask the seller to pay from the proceeds so it is the seller's expense. Or ask the seller for new appliances, or get a new A/C unit as a condition of the purchase. Do not ask for too much though, and inform your Realtor of your desires so s/he can do the bargaining for you. After all, they are the professionals. Oh yeah, this is a biggy. If you are not comfortable with your realtor, find one who makes you comfortable. It does matter how they treat you and remember, a good realtor will be comfortable to do business with.

Can your homeowner's insurance premium be included in closing costs?

Your homeowners insurance premium SHOULD be included in your closing costs. Now as far as asking the sellers to pay for it--you can ask them to pay for anything--it's up to them whether or not to.

What is 'concession' in real estate?

Seller concessions are buyer costs that the seller is willing to pay on behalf of the buyer like closing costs, points, house payments, etc. Also these could be extras they are willing to throw in for free like building the buyer a fence or providing window treatments.

Is there any way to add fee to the total loan amount?

I am not quite sure what the question exactly pertains to, as far as "fees". If by fees you mean closing costs then yes you can. In a purchase you can include your closing costs into the loan by getting what is known as a "sellers concession" Basically the closing costs are added to the purchase price and that is now the new purchase price. To do that first off you have to get the seller to agree to let you do that. Secondly the home must appraise for that amount. Say for eample you are buying a home for 100,000 your closing costs are 5,000. The new purchase price with a full sellers concession is 105,000 on the contract, on your mortgage and on the appraisal. The house must appraise for atleast 105,000, if it appraises for 100,000 then you can't do it. It has to be written in the contract and the seller must agree because they are conceding they could have sold the home for 105,000 but they are selling it for 100,000 and letting the buyer include their closing costs. Sellers concessions can cover all or half of the closing costs. In a refinance you can roll your closing costs into the refinance as long as your loan to value doesn't go over 100%, though some banks will go as high as 125% on your loan to value though I don't recommend it in most cases. Loan to value is your current debt on the home divided by its current market value. A home worth 100,000 with a 50,000 mortgage has a LTV of 50%.