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Can you get my Tab? What are customary Closing Costs

July 21, 2008

Understanding Customary Closing Costs


 
 

Who Pays for What in San Francisco County

In San Franciso County, the Seller normally pays:In San Franciso, the Buyer normally pays:
  •  Real Estate Commissions
  •  Title insurance premiums
  •  Document preparation fee for Deed
  •  Document preparation (if   applicable)
  •   Documentary transfer tax
  •  Escrow fee
  •  Notary fees
  •  Notary fees
  •  Payoff of all loans in seller's name (or   existing loan balance if being assumed by   buyer)
  •  Recording charges for all   documents in buyers' name
  •  Interest accrued to lender being paid off,   statement fees, reconveyance fees   & any prepayment penalties
  •  Termite inspection (according    to contract)
  • Termite inspection and/or work   (according to contract)
  • Homeowners association   transfer fee (negotiable)
  •  Home warranty (according to   contract)
  •  All new loan charges (except   those required by lender for   seller to pay - see note)
  •  Any judgments, tax liens, etc.   against the seller
  •  Interest on new loan from date   of funding to 30 days prior to   first payment date
  •  Tax proration (for any taxes unpaid at the   time of transfer of title)
  •  Assumption/change of record   fees for takeover of exising loan
  •  Recording charges to clear all   documents of record against seller
  •  Beneficiary statement fee for    assumption of existing loan
  •  Any unpaid homeowners dues
  •  Inspection fees (roofing,   property inspection, geological,   etc.)
  •  Any bonds or assessments (according to   contract)
  •  Tax pro-ration (from date of   acquisition)
  •  Any and all delinquent taxes
  •  Home warranty (according to   contract)
  •  Note: On some FHA, VA or other   government-backed loans, the seller   would pay some loan fees that the buyer   cannot pay due to lender requirements.
  •  City transfer/conveyance tax   (according to contract)
 
  •  Fire Insurance premium for the   first year
 
 

 

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