WHO PAYS WHAT? The Ins and Outs of Closing Costs
ownership of the property. They are also responsible for any money in escrow that is promised to the buyer for any reason. Sellers, in some cases, are responsible for paying property taxes before the date of closing. But it should be noted that if your county collects property taxes at the end of the calendar year, the seller will usually pay the taxes owed for the months that they owned the home. In addition to this, buyers typically pay title insurance costs and recording fees that are charged by the local or state government. In New York, both buyers and sellers usually cover the cost of the closing agent and will usually split the escrow fees. While this seems like a lot, we know that closing costs can be very confusing, and we are always here to help walk you through the process, every step of the way.
Buying and selling a home is not a walk in the park as far as paperwork, contracts, prices, fees, inspections, and appraisals are concerned. But luckily, that’s when having a real estate agent can be helpful. When it comes to closing costs, the question of who is responsible can come up often. This is common since closing prices can be very costly, and they usually increase prices far more than buyers anticipated. That’s why it’s important to read the details of the contract. Closing costs are the bundle of fees paid at the closing table in a real estate transaction, usually up to 3%–5% of the total purchase price. In most cases, both the buyer and the seller will pay for these costs — each one taking on the responsibility for different parts of the transaction.
In fact, in standard transactions, sellers typically pay for the agent commission, closing fees, and title service, which is the transfer of
MICHELE’S RECIPE CORNER
SUDOKU
GRILLED CORN AND RICOTTA DIP
This dip tastes great with bread, crostini, or crackers and will be a hit at any summer gathering.
INGREDIENTS
• 1/2 cup Parmesan cheese, finely grated • 2 tbsp unsalted butter, diced • Chives and scallions, finely chopped
• 6 ears of corn • 1 1/2 cups heavy cream • 1 1/2 cups ricotta • 2 tbsp all-purpose flour
• 2 tbsp thyme, finely chopped • Kosher salt and freshly ground black pepper, to taste
DIRECTIONS
1. Preheat the oven to 325 F. 2. In a large grill pan, cook the corn until charred on all sides. Let cool, then cut the kernels from the cob. 3. In a food processor or blender, purée two-thirds of the kernels with the cream, ricotta, flour, and thyme. Season with salt and pepper, and stir in remaining whole kernels. 4. Pour into an 8-inch baking dish. Sprinkle Parmesan cheese on top, and dot with butter. Bake for approximately 1 1/2 hours, until bubbly. 5. Garnish with chives and scallions before serving.
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