Here’s a guide to closing costs. In other words, who pays what?
This list is a general guideline of charges and may not be wholly inclusive for your transaction.
The Seller customarily pays:
- Real Estate Commissions
- Document Preparation for Deed
- Documentary Transfer Tax (amount is dependent upon sales price)
- Payoff of all Loans against the Property
- Interest Accrued on Loans Being Paid Off, Reconveyance Fees and Pre-Payment Penalties
- Home Warranty (if specified in contract)
- Any Judgment or Tax Liens Against the Seller
- Property Tax Proration
- Unpaid Homeowners’s Dues (for condominiums)
- Bonds or Assessments
- Delinquent Taxes
- Move-out Fees (for Condominiums)
- Notary Fees and Recordation Fees
- Third party Natural Hazard Disclosure Statement and California Tax Disclosure Report
- Pre-sale Pest Inspection Fee
- Underground Storage Tank Report
- Miscellaneous Changes
The Buyer Customarily Pays;
- Title Insurance Premium for Lender and Buyer
- Escrow Fee
- Notary Fees
- Contractor’s and Pest Inspection Fees
- All new Loan Changes (points, appraisal, document processing fees, etc.)
- Interest on New Loan From Date of Funding to 30 Days Prior to the 1st Payment Date
- Beneficiary Fee from Assumptions of Existing Loan
- Home Warranty (if specified in contract)
- Homeowner’s Insurance for 1st Year
- Earthquake Insurance (optional)
- Private Mortgage Insurance (typically 2 months) if Required by Lender
- Private Mortgage Insurance Impound Account (1 year) if Required by Lender
- Property Tax Impound Account if Required by Lender
- Move-in Fee (for condominiums)
- HOA Account Transfer Fee
- Miscellaneous Changes