Recurring vs. Non-recurring Closing Costs
For a buyer, closing costs are everything outside of the purchase price that a buyer pays to complete a real estate transaction.
For a seller, closing costs are all the fees, except liens or encumbrances, that are deducted from the purchase price.
Some examples of closing costs include documentary transfer tax; city / county transfer or property taxes; inspections; loan fees such as points and prepaid interest.
Costs or expenses in an escrow are classified as either recurring or non-recurring.
Costs which the party pays at closing but will continue to pay after the escrow closes as the normal cost of maintaining the property.
- Fire Insurance Premium
- Homeowner’s Association Dues
- Real Property Taxes
- Interest on the New Loan
Non-Recurring Closing Costs (NRCC)
Costs which are charged ONE TIME ONLY as an expense of closing the transaction.
Title Company Expenses such as:
- Title Insurance Premiums
- Recording Fees
- Endorsements to Title Policies
- Sub-Escrow Fee which may be due Title Company
- Reconveyance Fees
- Documentary Transfer Tax
- Escrow Fees
- Notary Fees
- Messenger Fees
In the case of a refinance:
- Fees Associated With Making an Existing Loan Payoff
- Transfer or Document Fees to a Homeowner’s Association
Lender’s Costs such as:
- Credit Report
- Loan Origination
- Loan Processing
- Document Fees
- Tax Service Contract
In the case of a sale:
- Real Estate Broker Commissions
- Fees for Property Disclosures or City Reports
- Transaction Coordinator Fee
- Home Warranty Premium
This past weekend Saturday April 26th & Sunday April 27th was the Grand Opening Weekend for Las Palmas by Summerhill Homes.
The Las Palmas community is divided into two styles:
--The Gardens have a more urban design.
--The Groves have a more private outdoor space.
54 attached homes
2-4 bedrooms, 2.5-3.5 baths
1,267-1,876 approx. sq. ft.
49 attached homes
3-4 bedrooms, 2.5-3 baths
1,611-1,851 approx. sq. ft.
Look below for a peek at the Las Palmas Sunnyvale 2014 Grand Opening Video Tours of The Gardens/Groves Model Homes:
You should read the entire 58 page Celadon Townhomes Declaration of Covenants Conditions and Restrictions document before you consider buying in that community.Â However, to give you a rough idea, here is a "Cliff Notes" shorter version:
2.39) The HomeOwners Association is Messina Gardens HOA.
4.9) Owner and their Invitees (Guests) may use the Lot A Park.
4.11.1) Parking in Common Area is on aÂ First-come, first-served basis.Â May NOT be used for repair, construction, or reconstruction of any vehicle.
4.11.2) Parking on Driveways is prohibited.
4.11.3) Garages:Â Garage doors shall remain closed, except when in use.Â Garages shall be kept sufficiently clear to permit parking of the number of vehicles for which the garage was designed.Â (Translation: Don't use you garage SOLELY for storage because the community wants you to park in your own garage rather than taking up valuable common parking spaces.)
4.11.4) Guest Parking is for GUESTS only.Â No resident may park in any space designated as "guest parking."
4.11.6) No boat, trailer, camper, commercial vehicle, mobile home, recreational vehicle or any inoperable vehicle shall be parked or stored on Common Area.
4.12) RENTAL OF UNITS (<-- Notice ALL CAPS):Â An owner may not rent or lease a condominium for a period less than 30 days or in violation of any agreement to which theÂ Owner is a party.Â Any lease or rental agreement shall specify that the tenant is subject to all provisions of the Community Documents.
4.17) Use and Occupancy of Units: No business of any kind shall be established, operated, permitted or constructed in anyÂ portion of the Community.
5.3) MAINTAINING UNITS: Each Owner shall Maintain the Owner's Unit, including all fixures, appliances, and appurtenances...and
5.3.1) Interior Surfaces of the ceilings, floors, and the walls of theÂ Owner's Unit.Â
5.3.2) Doors, door hardware, and door locks which serve only the Owner's Unit.
5.3.3) Electrical system fixtures, panels, switches, outlets, circuit breakers, fuses, fans, and similar electrical improvements within the Owner's Unit