buying raw land, no realtor just lawyer who pays what ? (agent, contract)
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thinking about buying a piece of property...no house or realtor, just a seller, myself and a lawyer of course !
Who is responsible for most the legal fees, closing cost etc , buyer or seller?
Understand about the excise taxes and how that works but not sure about the basic lawyer fees.
Thanks !
There are closing costs each party typically pays. The only thing you’ll avoid without a Realtor involved is commission. And you’ll have extra attorney’s fees to write up the purchase contract.
ok, thanks to you both.
Just wanted a general idea before we got started into it as to about what could be expected per the buyer and the sellers costs burden.
No realtor needed here ..just neighbors making a land transaction so, we negotiate !
so true and hindsight being 20/20 I guess I should've asked at a legal forum !
In any event, thanks again !
Yup. Strangers on the internet give the best advice.
In all seriousness, if you were to find a legal forum I would find it doubtful that there is a cadre of attorneys who post there that are just waiting for your question.
The terms, and who pays for what, are negotiated between you.
Yes, ultimately this can all be negotiated.
In my state, there are things normally paid by each party, but of course that can be changed and agreed to as part of the contract. Doc stamp fees, title work and insurance, closing agent fees, etc. All typically assigned to one party or the other, but it’s up to you and the other party if you want to deviate from that. You can google for what is customary in your area to get an idea.
Which party customarily pays for particular closing costs is largely dependent upon which state you are in. For example, title insurance is customarily paid for by the Seller in Michigan but it is usually paid for by the Purchaser in others. As for legal fees, typically whoever hires the attorney to represent them pays for that unless a different arrangement is agreed to in the contract. Since you're just dealing with a neighbor, perhaps you could simply agree to split the costs for an attorney to handle the contract and closing documents--unless you each want representation, of course.
Who pays for each closing cost can be spelled out in your contract.
thinking about buying a piece of property...no house or realtor, just a seller, myself and a lawyer of course !
Who is responsible for most the legal fees, closing cost etc , buyer or seller?
Understand about the excise taxes and how that works but not sure about the basic lawyer fees.
Thanks !
I know—let's ask a forum of realtors.
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