L/O deal!!! But one quick question!! - Posted by Matt KY

Posted by Jim FL on November 13, 2002 at 17:02:38:

Certainly check this with a local RE attorney, but I used to just put, “Each party shall be responsible for their own closing costs as is per local custom.”

This basically meant that we passed them all on to the end buyer.
Since I usually just assigned my agreement with the buyers to the sellers, and got paid the difference at close.

My buyers agreement has them paying all closing costs.

If I did a simultaneous close, the seller bore the brunt of the closing costs, on that end, and my buyer on the other, since it was my attorney who prepared the HUD-1 statements.

I know not a real clear defined answer, but it worked for me in my old location when I used that form.

Good luck,
Jim FL

L/O deal!!! But one quick question!! - Posted by Matt KY

Posted by Matt KY on November 13, 2002 at 16:22:36:

Looks like ive got a LO finally lined up, but I have misplaced my ron legrand course (i know, duh) and im stumped on one of the blanks on the LO agreement. it says landlord/seller and t/b will pay closing costs…

i remember that the seller pays i think transfer tax and something else. and the t/b pays recording fees and “all other closing costs?”

any help here would be great!

(if it matters, im going to be assigning this deal, not “middlemanning” it.