Closing costs on a resale

[784caroline]

Can someone share their experience with what closing costs were on a resale home. I know alot has to do with the price of the home but if you could break it down to buyer and seller.

Seller normally picks up the RE commission costs but other closing costs are paid by the buyer or seller..or was this something agreed to in the contract?? Does it matter if the house is listed with The Villages or an outside RE firm??

[OpusX1]

When we bought our CYV resale we paid cash. There were no costs to us other than half the transfer tax. Our check to escrow was less than the contract price do to real estate tax proration. The seller paid commission and we asked the seller to pay for a home warranty in lieu of a home inspection. The seller was missing a post office key so the seller had to pay for the key. I can not recall if we had to pay for the gate cards, if we did it was after closing. If you require a loan you may pay some loan closing costs.

[Bill-n-Brillo]

When we bought our CYV resale we paid cash. There were no costs to us other than half the transfer tax. Our check to escrow was less than the contract price do to real estate tax proration. The seller paid commission and we asked the seller to pay for a home warranty in lieu of a home inspection. The seller was missing a post office key so the seller had to pay for the key. I can not recall if we had to pay for the gate cards, if we did it was after closing. If you require a loan you may pay some loan closing costs.

We were on the buying end of a resale as well last year. Opus is spot on though we had to pay for our mailbox keys at closing (which was handled by McLin Burnsed's office in LSL). We also paid $10 for recording fees. We paid prorated taxes from date of closing through the end of the year as a buyer since the seller had already paid the taxes for the year. The seller got these back as a credit. Also, we paid prorated amenity fees and water/sewer/trash as well. Seller paid for the title search and title insurance as well as the 'state tax/stamps'.

Check with the firm that will be handling your closing (and/or work this out in your contract) regarding who pays for the closing fee and also how much it is. The default for McLin Burnsed is a closing fee of $225 as well as a $450 'attorney fee', both paid for by the seller. I know other companies handling closings can have their position/default be that the buyer and seller split those fees. Just make sure all those kinds of things are worked out contractually up front.

As buyers, we chose to have a termite inspection as well as a home inspection and paid for those out-of-pocket outside of closing. We did not ask for a home warranty via the seller.

The organization handling the closing will give both parties a Settlement Statement draft for review, sometimes called a "HUD" or "HUD-1", prior to closing. It spells out all the debits and credit for both parties. However, it might be issued only be a day or two prior to closing as they generally like to wait til the clock nearly runs out to accurately calculate the prorations. If you need it sooner than that, make sure you work that out with them ahead of time.

Hope that help!

Bill :)

[Fourpar]

Closing costs are negotiated, just like purchase price. Read the contract form and talk to the agent before signing any offer. And make sure you know who the agent is representing....or not!