Typically in real estate transactions, everything is negotiable. However, there are certain costs that buyers and sellers can usually expect to pay.
Usually, the seller will pay the commission to the broker they hire. The broker then pays out a commission (the amount of which the seller has agreed upon) to both the agent selling the house and the buyer’s agent. Remember, the agent works on behalf of the broker.
As a buyer, you typically have to pay for the appraisal, the termite inspection, loan fees, title processing fees, and the title search. When you select your title company, the title company will search to make sure there are no defects and the title is free and clear. That way, you won’t wind up with hostile claims or other people claiming they own the property once you buy it.
Things like taxes are paid on both sides of the transaction. The buyer will be responsible for flood certification, prepaid interest, homeowner’s insurance, and property taxes. Sellers can always contribute to closing costs. Remember, everything is negotiable.
If you have any questions about what you can expect from your specific transaction, give me a call or send me an email. I look forward to hearing from you!