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Financial Responsibilities
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Here are the most common responsibilities of the seller in a real estate transaction:
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Real Estate Commission
Document preparation for the deed
Documentary transfer tax- $8.60 Per Thousand of Sales Price
Any loan fees required by buyer’s lender-if negotiated in Sales Contract
Payoff of all loans in seller’s name
Interest accrued to lender being paid off, statement fees and any prepayment penalties
Termite inspection-if required
Termite work
Home warranty-if required
Any judgements, tax liens against the seller
Tax proration
Any unpaid homeowner’s dues
Recording charges to clear all documents of record against seller
Any unpaid special assessments
Any and all delinquent taxes
Escrow fees-if applicable to closing
Any unpaid utility connection fees
Title insurance premium
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