real estate transaction

You’ve decided to buy a home, but you are worried about the costs. One big one is the cost of the Realtor when you buy. Did you know that having a Realtor helping you buy a home is in most cases free? Here’s how.

Hire an agent to represent you

Did You Know Having a Realtor Help You Buy a Home is Free? If you hire an agent to represent you as a buyer, that agent represents you, not the seller. They are there to be in your corner. Sure, you could look on your own or take your chances relying on the seller’s agent. If you do that there is no one to answer your questions or represent you in the purchase.

Do you know all the ins and outs of a real estate transaction? Do you know what to do if things go sideways? Having an agent on your side is important. Not having to pay them for their time and advice is priceless.

In general, Realtors don’t get paid at all until a property closes

The Realtor gets their paycheck at the settlement table, whether seller’s agent or buyer’s agent. That said at the closing table the seller is responsible for paying those fees. If you have a separate buyer’s agent the fees are split, unless there is an agreement saying otherwise. Remember in a home sale, everything is negotiable. Generally, though, the seller pays.

So what does that mean for you? It means you get the services of a professional, the advice, the legwork and everything else, for no cost to you.

If you are thinking about buying a home give The Deb Ward Team a call today! 727-410-0336 (we love helping homebuyers!)

In a Clearwater real estate transaction (sale), who pays what?

The real estate closing, the end of a real estate transaction, is an exciting and confusing time. Closing costs are a concern whether you are a buyer or a seller of real estate.

Buyers and sellers each have certain closing costs they are responsible for, although who pays what in a real estate transaction is negotiable. If you’re trying to get an idea of what you will be on the hook for, here are the general guidelines.

Closing Costs For Buyers

If you’re buying a home, you will pay more than just the purchase price of the home. Buyers are responsible for several fees as follows:

fees charged for obtaining a mortgage
inspection fees for pest inspections and home inspections
homeowner’s insurance which typically has to be prepaid for a year at closing
title insurance (either owners title insurance, mortgagee title insurance or both)
title search fees
transfer taxes
title insurance and escrow fees
document stamps (a tax paid to record the documents with the county or state)
condo or HOA estoppel fees
Intangible Tax on Mortgage
survey fees
appraisal fees
attorney or title company fees

Most buyers either bring money they’ve saved, or they roll those costs into the mortgage loan.

Closing Cost the Seller Pays

Sellers, you’re not off the hook. You have fees as well. Starting with fees or penalties to pay off your mortgage:

real estate commission
any repairs (if an FHA or VA inspection requires it)
all or part of transfer taxes and escrow fees
attorney’s fees where applicable

Of course, the balance of your mortgage will also be due as well. All of these fees are usually paid from the proceeds of the sale, so you won’t have to bring cash with you, but it will eat into how much you walk away with.

Clearwater Real Estate Transaction

A Clearwater real estate transaction is probably the biggest transaction that people will have in their life. Knowing what closing costs will be when you are buying or selling real estate is essential to a good outcome.