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Anyone know about real estate?


Does the seller or the buyer have to pay taxes and attorneys fee if you sell a house. Also how much are the attorneys fee?

Typically, the Buyer pays the majority of the legal fees as most have to do with their protection in the sale and their loan. The fees vary from state to state but on average count on between $400-$750.

Property taxes are prorated between buyer and seller. If the tax year is the same as the calendar year and you close on a house May 1, then the seller pays all the taxes owed up between Jan 1 and May 1 and the buyer pays them from may 1 through the end of the year. Usually the sellers share of the taxes are escrowed (like a portion of your monthly payment) so the funds will be readily available when the tax bill comes.

Capital gains taxes are the sole responsibility of the seller.

Taxes and attorney fees are usually payed by the seller. However there are alot of people negotiating the details of such in the final costs of the house known as closing costs.
The fees will vary depending on attorney costs per hour, the extent of paper work, and hours worked by your attorney.

Also state by state difference varies greatly.

The seller MAY have to pay federal taxes on the gains if they lived in the house less than two years or sold for over $500k the original cost. The buyer may be responsible for state or local taxes, depending on where you live. Attorney fees are only if you hire an attorney.

There are other fees too. If the seller used a "real estate agent", the agent will skim off 6% of the sale price of the home. The buyer is responsible for "closing costs", which could be around $10k. These include fees related to the loan, inspection, etc.

Attorney's fee's are subjective and no one here can answer that. As for who pays, depends on the contract to purchase is written. Those are items that can be negotiated.

Buyers & seller each have their own closing costs. A buyer's are typically 3% & a sellers are about the same, unless there are real estate agents involved, then the seller's would be about 9%.

Seller's typically pay excise tax (1.78% in Washington), buyer & seller have prorated prortion of property taxes.

Attorney fees are proportionate to whoever hired them, unless you are using one to handle the closing instead of an escrow company, then each would pay half, unless otherwise agreed.

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