Sunday, February 13, 2011 - By Relocation.com Staff
The seller is also responsible for certain fees at closing. Some fees may be paid out of closing and these are considered to be paid outside of closing (POC).
The following are some of the fees the seller may be asked to pay.
- Survey - depending the area of the country the buyer may be responsible for this fee
- Title insurance
- Recording release charges for the mortgage
- Broker or agents commission - can be five to seven percent of the sales price
- State, county and city transfer fees
- Credits to the buyer of unpaid real estate taxes for the prior or current year
- Attorneys fee
At closing, both the seller and buyer receive a settlement statement commonly known as the HUD-1 statement. The left side shows the amount due from the buyer and the right side adds up what money is due to the seller. The back side of the document details closing costs and who pays what, either the buyer or seller.