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happydawg | When you are purchasing a home. Who pays the taxes, and the closing costs? |
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daniel r
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taxes are prorated between the amount of time the buyer will have the property for the remainder of the year and the amount of time the seller has had the property. closing costs can be paid by the seller for the buyer if you structure the deal properly. |
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newmexicorealestateforms
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Regardless of what "customs" there are in your area as to who pays what. Remember that in real estate nothing is written in stone. All values, prices and costs and who pays for what are up to the negotiations and the final written agreements. |
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BoomChikkaBoom
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It really depends on where you are buying. Usual and customary differs from state to state. And you are always free to negotiate. |
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Karen R
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Taxes are prorated between the seller and buyer based on dates of ownership.
Closing costs can be paid by either party. If negotiated in the contract and permissible by the lender (if getting financing) the seller can pay some or all them. |
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twism
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this is up to you and the seller, If you can convince them you can have the seller of the home pay for the closing costs "all of them" as part of the agreement. Alot of sellers that are motivated to sell will do this its not uncommon.
hope this helps.
PS taxes are paid by you after the sale. Taxes prior are covered by the seller. Unless you are buying a home that is under tax liens owed then you are responsible for them unless again the seller is going to pay them prior to the sale.
good luck
choose me because no one else even came close :>) |
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gigibf
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Taxes like real estate tax on the property is paid by the owner up to the time the property is sold. For taxes based on the sale like capital gains tax (we have this in the Philippines), the seller pays for this. Documentary Stamps are for the account of the buyer and all other closing costs like notarization, transfer tax and registration of new title. Seller pays for the brokers fees. That is for normal transactions. However, depending on your negotiations, you can haggle for the capital gains tax and docs stamps to be deducted on the proceeds. |
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business creature
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Usually its the buyer who pays the closing cost but you could negotiate with the seller the closing cost one way is this lets say the seller is asking $300,000 and you want to pay $280,000 tell them you will pay $300,000 if they will pay all closing cost to the loan. If you have any other questions you could contact me at banconeroman2@yahoo.com. |
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valc
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I would have to agree with the user twism.
If you want you have the seller pay for the closing costs. You negotiate with them as part of the selling terms.
As far as the tax's, once again this is paid by you from the date of sale and on. Unless you are buying and are aware of buying a home with tax lien then you would have to pay the back tax's but other than that the buyer and seller make the arrangments to whom pays those fee's.
take care |
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irongrama
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The taxes are divided based on how many days each person owns the property. The closing cost are also divided between each person based on the sales contract. Some places the buyer pays certain costs, in other places the seller. |
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padrote chingon
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You pro-rate the taxes, so you reimburse the owners for the part they don't use....
Usually the closing costs are payed by the buyer,but here in detroit things are so bad, lots of sellers are paying them as an incentive...everything is negotiable......everything |
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W. E
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You have some very good answers. If you are working with a Broker or Bank, ask what they allow in seller concessions. Normally it is up to 6 percent of the selling price of the home. if you purchase a home for 100,000 than the seller could help you with up to 6,000 of your closing cost. You would not need that much, but it does give YOU and idea. If you have gotten approved by a lender you should have gotten the Good Faith Estimate from Him/Her. This will show you the estimate of closing cost associated with your loan. The seller will have closing cost associated with the loan thru the Title Company and Realitor Expenses unless it is a For Sale By Owner, if that is the case - then there would be no realor fee's.
I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far??
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.
Go to these websites
http://www.nehemiahcorp.org/
http://www.fanniemaefoundation.org/...
http://www.fha-home-loans.com/
http://www.freddiemac.com/ |
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Sweet Mamacita
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you do. |
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Gartenzwerg
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Usually the buyer. |
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spot
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You. A lot of times closing cost is included in the loan amount, so you don't see it. Tax is often calculated into the closing cost (for the year). |
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satarnag
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It depends on who you want to pay for taxes and closing costs.
Regards |
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Rayna D
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Hi Happydawg! You should watch The Suze Orman Show. She also has a website www.suzeorman.com She is a financial whiz and she will help you with buying a new home. Everything financial. But to answer your question usually they buyer pays the closing costs, and the taxes. |
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