The responsibility of who pays which closing costs in a real estate transaction is controlled by the provisions in the real estate contract.
Closing costs include documentary stamps ($7/$1,000) and title insurance (roughly $6/$1,000). In the Tampa Bay are, it is customary for the contract to stipulate that the seller pays these costs. In addition, recording costs of $10.50 for the first page and $8.00 per additional page are generally paid by the buyer. Any attorney’s fees will be paid by whichever party hires an attorney. In some transactions, the buyer and seller agree to split the attorney fees.
A contract can be written to stipulate that either party is responsible for all or part of any closing costs involved in the transaction, but the above guidelines provide a general overview of the standard way costs are handled in our area.
If you would like to have a real estate contract prepared, either as a buyer or a seller, call us at (727) 847-2288.