SETTLEMENT AND CLOSING

During the negotiation stage of the transaction, a mutually agreed-upon date for closing is determined. “Closing” is when you and the seller sign all the paperwork and pay your share of the settlement fees, and the documents are recorded. Prior to closing, the agent will complete a detailed settlement statement for both buyer and seller. As your agent, I can help you understand which of the following typical statement fees apply to you.

The Seller Receives:

Utility deposits held by gas, electric, cable, telephone, and other companies

Prorated portion of pre-paid property taxes

Prorated mortgage interest from payments made during the current month

Homeowners association dues.

Net proceeds after the seller’s share of expenses is paid

The Seller Pays:

Documentary stamp taxes and surtax on deed, if any

HOA/Condominium Association estoppel fees

Owner's Policy and Charges

Recording and other fees needed to cure title

Title search charges

Seller's attorneys' fees

Municipal lien search

Charges for FIRPTA withholding and reporting

Brokerage commission (the sum or percentage of the sale price previously agreed upon by the seller and real estate agent)

If prior to Closing, Seller is unable to meet the AS IS Maintenance Requirement as required, a sum equal to 125% of estimated costs to meet the AS IS Maintenance Requirement shall be escrowed at Closing. If actual costs to meet the AS IS Maintenance Requirement exceed the escrowed amount, the Seller shall pay such actual costs. Any unused portion of escrowed amount(s) shall be returned to Seller.