Legal Question in Real Estate Law in Nevada
Closing Costs
In a standard buyer/seller real estate contract is it usual for the buyer and seller to split the closing cost? I am at the point of closing {Iam the buyer} and I thought the Seller paid that cost. thanks
1 Answer from Attorneys
Re: Closing Costs
Yes. The conventional approach is for the buyer and seller to split closing costs. That means that each must purchase a title insurance policy, they divide the escrow fee, share in the deed recording costs, as well as document preparation charges and reconveyance fees. Other than the insurance policy premiums, these are, for the most part, small incidental costs.
If you are working with a Realtor, he/she should have provided you a good faith estimate of the total charges you were facing. Whether or not you have a Realtor representing you as buyer, the escrow agent must (in accordance with federal law!) have given you a similar good faith estimate (called a "HUD-1" statement).
You should not be close to closing and only now learning of your share of the closing costs! If that is the case, SOMEONE really fell down on the job!
Rick D. Williams, Esq.
Sparks/Reno, NV
775-358-1958
mailto:[email protected]
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