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SALE OF HOUSE AND LOT

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1 SALE OF HOUSE AND LOT on Mon Jan 16, 2012 6:47 pm

rosettelofranco


Arresto Menor
Good PM ! First of all, I would like to thank you for this site. It is indeed a big help for people who need legal advices without having to pay for the costly fees.

We are selling our house and lot and would like to know the ff, please :

1. What expense does the seller shoulder ? How much ?
2. What expenses does the the buyer shoulder ? How much ?
3. May i know the definition of an earnest money ? How much should be required ? Does it have a validity period like it gets forefeited after this period ?

Thanks in advance for your advices and more power !


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2 Re: SALE OF HOUSE AND LOT on Wed Jan 18, 2012 11:02 pm

attyLLL


moderator
traditionally, the seller shoulders capital gains tax, and realty taxes up to the date of sale. cap gains is 6% of the selling price

the rest is shouldered by the buyer of about 2-3%.

earnest money is like a non-refundable downpayment which is part of the selling price.

it's completely up to the parties to decide how much and who shoulders what.


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