If you buy or sell property across the United States, you'll find that there are wide variations in the typical expenses paid by buyers and sellers. There are no rules about who pays for what, but there are basic guidelines to help you estimate costs before you make an offer.

Buyers typically pay for expenses related to obtaining a loan. That includes the down payment, fees to buy-down the interest rate, loan origination fees and other similar costs. Appraisal and inspection fees are normally a buyer expense. Buyers pay for hazard insurance policies. The title examination and title policy fees are usually paid for by the buyer. In some areas, a buyer is expected to pay for a survey, but in other areas, it's regarded as a seller expense.

Sellers usually pay the real-estate agency commissions. Many sellers must pay off one or more existing mortgages at closing in order to deliver a property with no liens attached to it. Sellers must usually pay for tax stamps, an excise tax assessed on the sale of the property. In some areas, sellers pay for all or part of the title examination and policies.

Some costs are shared by buyers and sellers. Property taxes, homeowner's association fees, and other fees paid on a yearly basis are prorated, with each person paying his share based on the number of days he owned the property during the billing period. If the seller has already paid fees for the year, the buyer must reimburse the seller for his share. Unpaid accounts are usually paid by the closing agent when the property transfers, with each party billed for his share of the costs.

You can read more about closing costs in Chapter 11.