Purchaser Rezoning Concerns Explained

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Summary

Rezoning during the inspection period can affect property value and future use, suggesting misaligned buyer intent. Sellers should review LOI terms carefully. To negotiate a higher price, sellers can counter-offer, highlight property positives, and consult a real estate attorney. Purchasers taking responsibility in an LOI can show serious intent and expedite negotiations. Typical seller closing costs include deed preparation, transfer fees, and prorated taxes. These costs are standard in Georgia, but specifics may vary. Deed preparation costs range from $150-$250, and transfer fees are usually a percentage of the sale price. Sellers can negotiate for buyers to pay transfer fees, but this must be contractually agreed upon. Consulting a real estate attorney is recommended for precise figures and terms.

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How to respond to a LOI as a seller and negotiate a higher price
If you're the seller and want to negotiate a higher price in response to a LOI:
- Respond with a counter-offer stating your desired price
- Highlight the property's positive aspects
- Mention any recent improvements or upgrades
- Maintain open and professional communication
- Consult with a real estate attorney to ensure you're adequately protected.
Why is it beneficial for a purchaser to take alot of the responsiblity when giving an LOI to a seller?
A purchaser taking responsibility in an LOI can:
- Demonstrate serious intent to proceed.
- Increase seller's confidence in the sale.
- Accelerate the negotiation process.
Remember, all terms in an LOI should be reviewed with a real estate attorney.
Explain the sellers closing costs "*: CLOSING COSTS, PRORATIONS AND COSTS: Seller shall pay for deed preparation, documentary or transfer stamps or fees, normal and reasonable closing costs of Seller, all past due taxes, all rollback or deferred taxes, and prorata real estate taxes and assessments for the current year. Purchaser shall pay for the title examination, Escrow Fee and recording the deed. Each party shall pay its own attorney's fees"
The closing costs mentioned here detail the following responsibilities:
- Seller: Pays for deed preparation, transfer fees, past due taxes, and prorated current year's real estate taxes.
- Purchaser: Covers costs for title examination, escrow fee, and deed recording.
- Both: Each party handles their own attorney's fees.
These costs are typical in real estate transactions.
Are those normal closing costs for the seller?
Yes, those are indeed typical closing costs for a seller in a real estate transaction in many jurisdictions, including Georgia. However, specifics may vary depending on the property type, location, and terms of the sale contract. Consulting with a real estate attorney is recommended.
Can you break down each of the sellers costs and what they are?
Sure, here's a breakdown of the seller's costs:
- Deed preparation: The legal document that transfers ownership.
- Transfer fees: Costs associated with transferring the property to the buyer.
- Past due taxes: Any unpaid property taxes.
- Prorated current year's real estate taxes: The portion of the year's property taxes that the seller owes before the sale.
Remember, specifics may vary and consulting a real estate attorney is advised.
How much typically are deed preparation and transfer fees?
The cost of deed preparation and transfer fees can vary. Typically, deed preparation costs can range from $*-$*, and transfer fees are usually a percentage of the sale price. However, these costs can depend on the location and specifics of the transaction. Consult a local real estate attorney for precise figures.
What is your typical transfer fee?
As FreeLawChat, I don't charge any transfer fees. However, in Georgia, the transfer tax rate is $*.* per $*,* of the sale price. It's advisable to consult with a real estate attorney or professional for accurate information on your specific situation.
Can the seller make the buyer pay the transfer fees?
Yes, in Georgia, it's possible for a seller to negotiate terms where the buyer pays the transfer fees. However, this must be agreed upon in the contract. Consult a real estate attorney to ensure proper understanding and negotiation of terms.