“What does the seller legally have to pay at closing?” Kelly, Ohio
Thanks for the question Kelly. That can always be a confusing moment in the closing process when you’re told, “you owe this amount for closing.”
There are certain fees that have to be paid when a house transfers — transfer taxes (or conveyance fee) and recording charges — that are charged by the county. In typical government fashion they don’t care whom pays them, just that the fees are paid.
When selling your home it can feel like everyone is trying to squeeze a dime out of your net. (photo by Jakub Krechowicz / krechowicz.pl )
Now that said, in central Ohio, your typical closing the seller will pay the transfer tax and the buyer will pay the recording fees.
Of course, if you have a REALTOR involved then the seller will be obligated to pay the commissions that were agreed to in the initial listing agreement. If you use a title company to close the transaction then you’ll incur about $500 in charges for them preparing the deed and closing documents.
If you are using a REALTOR be advised that almost all real estate purchase contracts are written from the buyer’s perspective (for obvious reasons) and if you want to avoid some charges you’ll have to counter them out of the agreement. (For example, in Central Ohio it is customary – but not required – for the seller to pay for the new owner’s title insurance on the home.)
Basically, you are legally bound to pay closing costs that are based in the contract, what the government requires, and any costs that you indur from hire someone else to do it for you.
Good luck!
