Settlement-Who Pays What?

During the negotiation stage of the transaction, a mutually agreed-upon date for closing is determined. "Closing" is when you and the buyer sign all the paperwork and pay your share of the settlement fees, and the documents are recorded. Settlement obligations vary widely due to specific contract language, local laws and customs. Prior to closing, the closing agent will complete a detailed settlement statement for both buyer and seller. We can help you understand which of the following typical settlement fees apply to you.

The Seller Pays:

• Brokerage commission (the sum or percentage of the sale price, previously agreed upon by the seller and real estate agent)
• One half of the escrow fees paid to the escrow company for preparing the closing
• Document preparation fees
• Title Insurance
• Local transfer taxes, if any
• State taxes, if any
• Reconveyance Fee