Bill I am not sure others except John T answered much and it does vary by state. In my state you have to pay a deed recording fee, its not much like $20. A real estate transfer tax to the state, not to much maybe $200 on $200,000. YOU MUST LOOK INTO ANY LIENS AS ONCE YOU BUY IT YOU ARE ON THE HOOK. EXAMPLE: Unpaid taxes, unpaid mechanics liens. These are recorded at the state or county levels. As a rule, title insurance, home inspection a survey etc. are cost that fall on you and in many cases are not required. Taxes: yes they use a prorate system as a rule, example 1/2 way through the year taxes are$1000 so each of you split $500. You will have to pay your lawyer broker and he will have to pay his. Now as JT said you may offer to pay all the taxes and fees to facilitate the deal good luck,
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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