Settlement

The Seller Receives

  • Utility deposits held by gas, electric, cable, telephone and other companies.

 

Prorated portion of pre-paid property taxes.

 

  • Prorated mortgage interest from payments made during the current month.

 

  • Fuel rebate for oil or propane remaining in storage tank.

 

  • Net proceeds after seller’s share of expenses is paid

 

The Seller Pays

  • Brokerage commission (the sum or percentage of the sale price previously agreed upon by the seller and real estate agent)

 

  • One-half of the escrow or legal fees paid to the attorney or escrow company for preparing the closing

 

  • Recording and notary fees

 

  • Title search and title insurance

 

  • Local transfer taxes, if any

 

  • State taxes, if any

 

  • Repairs or inspections seller has agreed to pay for