Real estate settlement information

When you buy real estate in Delaware, you will need a licensed Delaware attorney to represent you. Only a licensed Delaware attorney can certify title in Delaware.

Generally, sellers pay the commission, 1.5 % transfer tax, deed preparation, any repairs as a result of the home inspection or pest inspection report, and prorated charges such as water, sewer, taxes or rent.

Generally, buyers pay the bank costs, 1.5% transfer tax, attorney’s fees to hold settlement, prorated charges such as water, sewer, taxes or rent.

Out of state sellers are now required to pay at settlement the State of Delaware income tax on capital gain.

***Prior to purchasing, it is best to get qualified by a lender and talk with your financial adviser. Individual negotiations can affect settlement costs; each transaction is different.
January 29, 2011