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Can you tell me what is the norm on who pays closing cost on a raw land real estate purchase? Is it split or does the seller pay 100% or otherwise?
ThanksNormally split on most transactions… but in today’s market EVERYTHING is open to negotiations! Depending on the price you strike and how long the property has been on the market… and how motivated the seller is… see if you can get the seller to pay the closing cost! If nothing else is a good point to start your negotiations.
Amen!
‘Imxploring’ is 100% correct! Normally it’s 50:50 but everything is open to negotiation…
When I bought the land for my mountain home, we managed to negotiate it so that the seller paid for 98% of the closing costs.
Scott Oliver
WeLoveCostaRica.comArticle 1067 of the Costa Rica Civil Code specifically provides that in the absence of a specific contractual stipulation to the contrary in the Purchase and Sale Agreement, Closing Costs are paid in equal amounts (50/50) by the Seller and the Purchaser. As Scott says, the issue of Closing Costs is open to negotiation. Closing Costs should be the subject of a specific contractual stipulation in the Purchase and Sale Agreement, in any event.
What about real estate commission if there is an agent? does the seller pay the commision or does the buyer pay the commision? [in advertently the buyer pay the commission] but who pay the agent? in a nation of rouge real estate agents and lack of exclusive listing contracts.
In the ordinary course of business, the Seller pays the real estate commission, usually as a deduction from the property purchase monies at Closing. However, as there is no regulation of the Real Estate Industry in Costa Rica (other than a short, voluntary Real Estate course for Realtors, offered by the Costa Rica Camera of Realtors), this too, is an area open to negotiation. Realtors usually have to work very closely with the Closing Notary, to insure payment of any agreed upon real estate commission, from the property purchase monies.
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