Professional Property Management of the East Bay

Guide to Who Pays What

The SELLER can generally be expected to pay for:

Real Estate Commission
Document preparation fee for Deed
Documentary transfer tax ($1.10 per $1,000.00 of sales price)
Any City Transfer/Conveyance Tax (according to contract)
Any loan fees required by buyer's lender
Payoff of all loans in seller's name (or existing loan balance if being assumed by buyer)
Interest accrued to lender being paid off, Statement Fees, Reconveyance Fees and any Prepayment Penalties
Termite Inspection (according to contract)
Termite Work (according to contract)
Home Warranty (according to contract)
Any judgements, tax liens, etc., against the seller
Recording charges to clear all documents of record against seller
Tax pro-ration (for any taxes unpaid at time of transfer of title)
Any unpaid Homeowner's dues
Any bonds or assessments (according to con- tract)
Any and all delinquent taxes
Notary Fees

The BUYER can generally be expected to pay for:

Title insurance premiums
Escrow Fee
Document preparation (if applicable)
Notary fees
Recording charges for all documents in buyer's names
Termite Inspection (according to contract)
Tax pro-ration (from date of acquisition)
Homeowner's transfer fee
All new loan charges (except those required by lender for seller to pay)
Interest on new loan from date of funding to 30 days prior to first payment date
Assumption/Change of Records fees for takeover of existing loan
Beneficiary Statement Fee for assumption of existing loan
Inspection Fees (roofing, property inspection, geological, etc.)
Home Warranty (according to contract)
City Transfer/Conveyance Tax (according to contract)
Fire Insurance Premium for first year

YOURS OR THEIRS
The Personal vs. Real Property Dilemma

The distinction between personal property and real property can be the source of difficulties in a real estate transaction. A purchase contract is normally written to include all real property; that is, all aspects of the property that are fastened down or an integral part of the structure. For example, this would include light fixtures, drapery rods, attached mirrors, trees and shrubs in the ground. It would not normally include potted plants, free-standing refrigerators, washers/dryers, microwaves, bookcases, swag lamps, etc.
If there is any uncertainty whether an item is included in the sale or not, it is best to be sure that the particular item is mentioned in the purchase agreement as being included or excluded.