Who pays what during a transaction for real estate? This is a question I get asked all the time. The commission is paid by the seller or the homeowner to the listing agent’s brokerage and the buyer’s agent will receive a commission that is paid for predominantly by the seller’s agent.
Simply stated the seller pays for commission to the seller’s agent and the buyer’s agent in the transaction. This is typically between 5% and 6% in our area of Montgomery County PA Villanova 19085, Gladwyne PA 19035 and Delaware County PA Wayne 19087. The seller will pay for 1 ¼% percent of the transfer tax. Depending on where you live in our area it could be as low as 1% and as high as 1.5%. So typically the transfer tax is split evenly between the buyer and seller.
For example, in Radnor Township the transfer tax is 2 ½% so the buyer pays 1 ¼ and the seller pays 1 ¼. The seller will also pay for notary of the deed and deed package costs. The buyer can expect to pay 4-5% of the purchase price of the home. This is made up predominantly of 1. transfer tax 2. Title insurance 3. Miscellaneous fees that are associated with the mortgage that the buyer would have to pay. The buyer pays for title insurance in Pennsylvania. Please feel free to reach out at any time with any questions or concerns. Kimmy Rolph sells the Main Line and local areas!
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