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I have a preliminary closing statement, I am the seller. The first mistake I see is that they put down I was to pay a commission, which was arranged between the buyer and agent. That's not happening.
Next they want me to pay the Closing Fee, Owner's Title Insurance, Release Tracking Fee, and Government Service Fee. Is it normal for the seller to be responsible for those fees?
Closing, title insurance and service fees are normally the buyer costs. People get confused when seller is giving money towards closing costs (which those fees are) . State tax transfer is seller unless specified in the contract.
I have a preliminary closing statement, I am the seller. The first mistake I see is that they put down I was to pay a commission, which was arranged between the buyer and agent. That's not happening.
Next they want me to pay the Closing Fee, Owner's Title Insurance, Release Tracking Fee, and Government Service Fee. Is it normal for the seller to be responsible for those fees?
Fees vary by state and by negotiation.
Your contract should tell you what fees you are responsible for.
Commonly here, buyer pays for title insurance, but in some states the seller insures title as part of granting a marketable and insurable deed.
You might check with another agent, in Oregon, but it seems that sellers typically insure title for the buyer, and buyer insures for the lender.
Last edited by MikeJaquish; 12-23-2015 at 10:48 AM..
Next they want me to pay the Closing Fee, Owner's Title Insurance, Release Tracking Fee, and Government Service Fee. Is it normal for the seller to be responsible for those fees?
Maybe Silverfall will weigh in. You're in Oregon, right?
In Michigan, a Seller would normally be responsible for a Title Insurance policy and transfer taxes--unless stipulated in the contract to the contrary. Closing fees would normally be split. Didn't your contract address these issues?
P.S. Good to hear that you're under contract at least.
Closing, title insurance and service fees are normally the buyer costs. People get confused when seller is giving money towards closing costs (which those fees are) . State tax transfer is seller unless specified in the contract.
Thanks all! I checked w/ my Realtor that is helping me on my next home...she said yes it's standard in Oregon for the seller to pay. Lesson learned, I should have tried to negotiate that. It's a couple of thousand dollars.
I have a preliminary closing statement, I am the seller. The first mistake I see is that they put down I was to pay a commission, which was arranged between the buyer and agent. That's not happening.
Next they want me to pay the Closing Fee, Owner's Title Insurance, Release Tracking Fee, and Government Service Fee. Is it normal for the seller to be responsible for those fees?
If you signed the OREF Residential Real Estate Agreement (the standard agent form), then you agreed to pay the owner's title insurance policy and split title and escrow fees 50/50 with the buyer so then yes you would be responsible for those fees. It is in section 5 called Title Insurance if you want to reread that section.
The buyer agent would have needed to fill out a Selling Broker Compensation form that spells out how they are getting paid. Escrow officers are required to get any payouts in writing. My guess is the escrow officer didn't actually look at the form to see who to charge and just went with the norm.
Quote:
Originally Posted by SVTLightning
Closing, title insurance and service fees are normally the buyer costs. People get confused when seller is giving money towards closing costs (which those fees are) . State tax transfer is seller unless specified in the contract.
Um. No. We have no transfer tax here, and this would be incorrect advice in Oregon.
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