In most situations, who is responsible for the costs of obtaining financing?

The buyer is typically responsible for the costs associated with obtaining financing during a real estate transaction. This includes expenses such as application fees, lender fees, and closing costs related to securing a mortgage. These costs are part of the buyer's financial obligations when purchasing a property.

The rationale behind this responsibility stems from the buyer's need to secure funds to complete the transaction. Since the financing is directly tied to the buyer’s ability to purchase the property, it is standard for them to cover these costs. While negotiations can influence who pays for certain expenses in individual situations, the general convention places this responsibility on the buyer, as they are the ones actively seeking and utilizing the financing to facilitate the purchase.

In contrast, the roles of the agents and the seller do not typically include financing costs. The buyer’s agent assists the buyer in navigating the purchasing process but does not assume financial responsibilities, nor do the seller or seller's agent.