[5-DayForum] Who Pays Closing Costs?

[Rosemarie and Fred Belcher]

Hi Frederika
    I'm sure others will answer this, but for my two cents - it seems to me that after the buyer is found and the price is agreed upon, the rest of the process is like a normal sale. 
    Here in North Carolina the seller has to pay tax stamps and deed preparation fees. Property taxes are prorated. The buyer is responsible for everything else, unless a different plan is negotiated.  What other closing costs are you thinking of? Obviously the buyer has to pay the costs of borrowing money unless they are paying cash for the house.
    That's all I can think of. I don't know how you would write that up in your bidding rules, but I guess you could clarifiy what the norms are in your state.
    Good luck with your sale.
    Rosemarie
  ----- Original Message ----- 
  From: Frederika Valle 
  To: 5-dayforum at howtosellyourhomein5days.com 
  Sent: Monday, October 22, 2007 1:43 AM
  Subject: [5-DayForum] Who Pays Closing Costs?


  Hello all,

  I'm a newbie and I had a question about the payment of closing costs. If I am consulting for someone else, I know that the seller should pay me and that if the buyer is using a real estate agent that they (the buyer) should pay for their commission. But, who pays for the closing costs? And shouldn't we list that information on the Bidding Rules sheet that we give the bidders?

  Thanks,
  Rikki


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