What Closing Costs Do the Buyer and Seller Pay?

 

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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.

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Is My Real Estate Deposit Refundable?

 

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The short answer is that whether or not your deposit is refundable depends on the terms of the contract. Hopefully your contract was prepared by a realtor or attorney.
Often real estate contracts contain terms stating under which conditions the deposit can be refunded. One such condition is called a “financing contingency” and allows for refund of the deposit is the potential buyer is unable to secure financing and provides appropriate documentation. A condition may also state that depends on the inspection of the property or in case of damage, a deposit may be refunded.
Additionally, condominium purchases may contain a different set of rules regarding the deposit. A contract to buy a condo may allow for the potential buyer to cancel the contract with a refund upon receipt of the documents pertaining to the condominium association.
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Who Prepares a Real Estate Contract?

 

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There are standard residential real estate contracts approved for use by the Florida Associator of Realtors, but it is not recommended that a person undertake to complete such document himself. The documents require much information to be filled in and several decisions to be made regarding the terms of the contract. Generally, a contract is prepared by a realtor or an attorney. The preparer may be working in behalf of either the buying or selling party.

If you would like assistance in preparing a real estate contract, please contact Waller & Mitchell at (727) 847-2288.

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Buying a Home Video Index

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