Typical closing costs paid by the seller of land include closing agent fees, brokerage commissions and land surveys. Other costs the seller may be responsible for include deed preparation and funds transfer fees.Continue Reading
The fee charged for performing the closing varies greatly. The party who is represented by an agent generally pays this fee. Sometimes both the seller and the buyer have representation, and there are also times when neither have representation. In each case, both parties should pay.
The seller is usually the responsible party for paying brokerage fees in a typical land transaction. This fee is usually paid at the time of closing, except on certain owner-financed deals.
Many buyers elect to have a survey of the land completed, but a seller may want to have one completed as well to use as a sales tool. Survey fees are usually paid at the time the work is completed, but sometimes a deposit is required.
The fee for drafting the document that conveys the property to the buyer from the seller is generally paid by the seller at the time of closing. This document, or deed, also states the warranties and rights that the buyer is granted by the seller.Learn more about Real Estate