Closing costs are the fees that are associated with selling a property. They can include things like title insurance, recording fees, escrow fees, and lender fees.
When you sell your land FSBO, you are typically responsible for paying all of the closing costs. However, you may be able to negotiate with the buyer to have them pay some of the closing costs.
Here is a more detailed breakdown of who typically pays which closing costs when selling land by owner:
- Seller:
o Title insurance
o Recording fees
o Escrow fees
o Property tax proration
o Home warranty (optional)
- Buyer:
o Lender fees
o Appraisal fee
o Survey fee
o Property tax proration
o Homeowners insurance (optional)
Please note that these are just general guidelines, and the specific closing costs that you are responsible for will vary depending on your location and the terms of your sale. It is always a good idea to consult with an attorney or real estate professional to get a better understanding of the closing costs that you will be responsible for.