Buyers Agent
- Represents buyer with purchase of property, loan and escrow process
- Helps buyer locate lender who tells buyer the price of property they qualify to buy
- Helps buyer find suitable property
- Advises buyer and helps negotiate the price and term through sellers agent
- Verifies all property information from Preliminary Title Reports, liens, title, legal description, restrictions, easements, etc.
- Coordinates all information between buyer, lender, escrow, inspections and other agent
- Guides buyer through process, loan, required insurance, escrow and closing
- Takes buyer on "walk through" inspection of property to note any problems that need to addressed during escrow period
- Arranges to meet with any inspectors or property (with or without buyer present)
- Usually accompanies buyer to escrow for loan and escrow signing
- Delivers all keys to property after the property records from seller to buyer
Sellers Agent
- Represents seller of property
- Orders property profile from title company to determine ownership, liens, legal description, square footage, bedrooms, baths, roof, heat/air or special amenities such as a pool, workshop, etc.
- Does market research and tells seller the market value of property from recent sales
- Lists property on Multiple Listing Service, reaching almost every Realtor® in the community
- Markets to Realtors®, advertises, holds open houses, introduces to Multiple Listing Service
- Oversees necessary repairs of property and maintenance during listing period
- Negotiates price and terms of purchase contract with buyers agent on behalf of the seller
- Opens escrow with the title company
- Coordinates and disseminates information between buyers' agent, seller, escrow, property inspections and any other involved in sale
- Oversees inspections and any other repairs agreed to in contract
- Usually meets with seller to sign escrow/loan documents
- Arranges pickup and delivers all keys to property and instructional information on any equipment, warranties, etc.
Who Pays What?
The Seller Will Generally be Expected to Pay For:
- Real Estate Commission
- Title and Escrow Fees
- Document preparation fee for Deed
- Document recording charges that effect the seller
- County Transfer Tax ($1.10 per $1,000 of sales price) This varies with county and city
- Any loan fees required by buyer's lender
- Notary fees - Sellers Documents
- Termite inspection and repairs according to contract
- Any city transfer/reconveyance tax
- Special delivery/courier fees
- Payoff of all loans in seller's name
- Interest accrued to old lender, Statement Fees, Reconveyance Fees and any prepayment penalties
- Homeowner's association transfer fee and prorate dues (negotiable)
- Bonds of assessments according to contract
- Home warranty according to the contract
- All delinquent taxes
- Any judgments, tax liens, etc. against the seller
- Tax proration
- Recording charges to clear all documents of record against seller
The Buyer Will Generally Be Expected to Pay For:
- Title insurance premium covering loan policy (ALTA)
- Notary Fees - Buyer Documents
- Document preparation fees - Buyer Documents
- Tax proration
- Inspection fees (roofing, geological, property, etc.)
- Homeowner's transfer fees
- Special delivery/courier fees
- All new loan charges (except those required by the lender for the seller to pay)
- Interest on new loan from date of funding to 30 days prior to first payment date
- Fire insurance premium for the first year
- City transfer/reconveyance tax according to the contract
- Preliminary change of ownership fee
- Assumption/change of records fees for takeover of existing loan
- Beneficiary statement fee for assumption of existing loan
- Other proration if applicable
The above items are negotiable between buyer and seller, as agreed upon in your individual sales contract. This is for informational purposes only and reflects typical charges.
|
