Quote:
Originally Posted by seecapecod
Both parties pay closing costs. The seller pays the agent commission (unless it’s a FSBO) and the buyer pays settlement costs whether it’s a cash transaction or a loan is involved- real estate taxes, 1 year homeowners, stamps, title fees, etc etc
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You are about 50% correct. Not bad. 1 year homeowners? Do you mean insurance, if so, that's only if there is a mortgage. If there is no mortgage, homeowners insurance is not a settlement cost and it's not even a cost if the new homeowner self insures. Seller pays documentary stamps. Seller pays title search and insurance. Both parties will usually split the other title fees such as administrative or closing fee.