closing costs for seller? - Posted by rayrick

Posted by Jim IL on March 03, 1999 at 22:23:21:

I recently came accross a “closing cost” that I had never heard of. This was a charge for “flood certification”. Apparently, lenders and local Realtors got together and started to demand, (meaning it is not the law, but negotiable), a Flood plain check. this lets the buyer and/or lender know that the property is either not in, or near a flood area.
Apparently this came about after 1996, due to many floods in areas that had never ever had this problem before, but sustained much damage from exessive rain, and inadequate infrastructure.
Of course it was only $15 bucks, (no price listed in the contract) so I agreed to pay it. Really nice of me, huh?
On too Dallas I go, see ya there,

closing costs for seller? - Posted by rayrick

Posted by rayrick on March 03, 1999 at 16:10:37:

Can someone break down for me what items are typically included in “closing costs”? Of these, which are the seller typically responsible for? Are there buyer’s closing costs and seller’s closing costs? I’m particularly interested in what are typically the seller’s costs. If a contract stipulates that buyer and seller are to split closing costs, is that referring to ALL the costs that may be incurred by the buyer and the seller combined? Thanks a bunch.


Re: closing costs for seller? - Posted by Ted(ok)

Posted by Ted(ok) on March 04, 1999 at 12:16:10:

In Oklahoma a change was made to the standard realtor contract that the seller had to pay for the survey(150.00). This was new to me at a closing the other day

Re: closing costs for seller? - Posted by Rob FL

Posted by Rob FL on March 03, 1999 at 22:15:32:

Who pays what is generally decided by local custom and/or the lender’s requirements. Pull a copy of your local realtor’s contract. It should list who the realtors think should pay what. Of course it is all negotiable and I usually add an addendum to my contracts as to who pays what.

Re: closing costs for seller? - Posted by DavidV

Posted by DavidV on March 03, 1999 at 21:38:27:

Origination fee
Title insurance
Attorney’s fees
Credit report
Tax service fee
Termite inspection

ALL are negotiable, even discount points .
Those are the basic ones, you may have something like well and septic inspections or whatever to proprties with different things.

As to what is customary it can be different in certain parts of the country.