Who Pays For What??
To help you understand what expenses are involved in your real
estate transaction, and what expenses you will incur, you can use the following
as a 'template'. Remember that each transaction is different, and that
every item on this list may not apply to your particular situation, use it as a
guideline only.
| Item |
Buyer |
Seller |
| Down Payment |
X |
|
| Deposit |
X |
|
| Discount Points |
X |
|
| Origination Fee |
X |
|
| Loan Application Fee |
X |
|
| Appraisal Fee |
Either |
Either |
| Survey Fee |
Either |
Either |
| Attorney Fee |
Both |
Both |
| Title Search/Abstract |
Either |
Either |
| Recording Fee |
Both |
Both |
| Lenders Title Insurance |
X |
|
| Owners Title Insurance |
|
X |
| Home Warranty Plan |
Either |
Either |
| Real Estate Commission |
Either |
Either |
| Home Inspection |
X |
If Pre-Inspected Seller Pays |
| FHA/VA Fees |
X |
|
| VA Funding Fee* |
X |
|
| Homeowners Insurance |
X |
|
| Pre-Paid Taxes/Insurance |
X |
|
| Well/Septic/Water Inspections |
Either |
Either |
| Pro-Rated Property Taxes |
|
X |
| Wisconsin Transfer Fee |
|
X |
Note (*) The VA Funding Fee can actually be paid up front by
either the Buyer or the Seller or the Buyer may "roll" the fee into
the loan amount and pay it back over the life of the mortgage.
TAXES
As you know, property taxes have become an integral part of home
ownership. Specifically, property taxes must be paid in order to effect a
transfer of ownership. The property taxes will be pro-rated to the day
before closing, and a credit will be giving to the buyer from the seller at
closing for that portion of the year that the seller owned the property.
The buyer will receive the tax bill at the end of the year, and will be
responsible for the entire amount.
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