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Buyers typically pay these closing costs.
- Escrow fee 50/50 (according to contract)
- Owner's Insurance Premiums CLTA (ask Title Co for quote).
- Lender’s Title Policy Premiums ALTA (ask Title Co for quote).
- Document Preparation (ask Title Co for quote).
- Notary Fees.
- Homeowner's Transfer Fee (if any).
- Tax proration (from date of acquisition).
- Recording Charges for all documents in Buyer's names.
- Fire Insurance Premium for first year.
- Inspection Fees roofing, property inspection & geological.
- 50% of City Transfer/Conveyance Tax (according to contract)
- Beneficiary statement fee for assumption of existing loan.
- Assumption/change of records fees for takeover of existing loan
- All new loan changes (except those required by lender for seller to pay).
- Interest on new loan from date of funding to 30 days prior to first payment date.
- Transactional coordinator / Administration fee.
Sellers typically pay these closing costs.
- Real estate commission.
- Escrow fee 50/50 (according to contract)
- Document preparation fee for deed. (ask Title Co for quote).
- Notary fees
- Termite Inspection (according to contract).
- Termite work (according to contract).
- Home warranty (according to contract).
- Any judgments, tax liens, etc. against the seller.
- Any unpaid homeowner's dues.
- Any bonds or assessments (according to contract).
- Any and all delinquent taxes.
- Documentary Transfer tax ($1.10 per $1,000 of sales price)
- Home Warranty (according to contract).
- Any loan fees required by buyer's lender.
- 50% if city transfer/conveyance tax (according to contract)
- Recording charges to clear all documents of record against seller (ask Title Co. if any apply).
- Tax proration’s of property taxes unpaid at the time of close.
- Payoff of all loans in seller's name (or existing loan balance being assumed by buyer).
- Interest accrued to lender being paid off, statement fees, reconveyance fees and any prepayment penalties.
- Transactional coordinator / Administration fee.
Taxes
Property Taxes
This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the seller for the period in which the seller occupied the property.
Transfer Taxes and Recording Fees
This is the cost for transferring ownership of the property and recording the purchase documents. The fee is often calculated as a percentage of the sales price. In San Diego county it is approximately 1.168% but this may vary depending in which city and other factors.
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