Final answer:
The buyer in a residential transaction typically does not pay for the real estate agent commission, which is usually covered by the seller. While title insurance, property taxes, and attorney fees are customarily paid by the buyer, escrow services can simplify the payment process by including property taxes and home insurance in the monthly mortgage payment.
Step-by-step explanation:
In the allocation of expenses at closing for a residential transaction, the buyer customarily pays for all except the real estate agent commission. The seller typically covers this cost as part of the agreement for the services provided by the real estate agents in marketing and selling the property. On the other hand, title insurance, property taxes, and attorney fees are generally the responsibility of the buyer, depending on the specific terms of the contract or local customs. However, it's worth noting that some expenses can be negotiated between the buyer and seller.
Speaking of expenses, escrow is an important concept in real estate transactions. It refers to a third party holding funds that ensures the payment of property taxes and home insurance. The use of escrow can simplify the homeowner's responsibilities by incorporating these costs into the normal monthly mortgage payment.