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We are buying a townhouse (brand new) in San Jose, CA. The seller told us that...

For new construction, buyer pays closing cost as it located in the county of Santa Clara. Is this true? (the zip code is 95112).
Thu May 8 2008, 15:25 - 95112 - Home Buying - 7 answers
 
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Kay
Home Buyer
in San Jose
Kay, Home Buyer in San Jose in San Jose
Answers (7)
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Cheryl Barce… was FIRST TO ANSWER
Yes there are so many closing costs, it is best to ask for credits typical credits that a lender allows is 3% of purchase price. Some people want credits with closing costs, some prefer a cheaper purchase price as they don't want to include them into the life of the loan.

Good Luck

Wed May 14 2008, 21:17
Web Reference: http://www.siennahomes.wordpress.com
 
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There are plenty of "norms' in all areas, however, that should have been stipulated in your offer to purchase. If you had your own agent represent you, they should have stipulated that the seller pay the closing costs. The norm is buyers pay their loan closing costs but seller pays the general escrow fee. There are many fees called "closing costs" and I'm not sure exactly what cost you are referring to. Everything is negotiable, you just need to put it in writing, up front, in the beginning of the process. It's a buyers market, go in asking for everything.

Mon May 12 2008, 14:03
Web Reference: http://www.winceproperties.com
 
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Often times the builders do expect the buyer to pay closing costs. In this market you might get an incentive. If there is quite a bit of property in this complex, ask for it.

Fri May 9 2008, 17:14
 
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This is correct, but you could negotiate that the builder pays non-recurring closing costs up to a certain amount, say 3% of sales price. But the normal practice is that the buyer pays all closing costs related to the sale in a new home sale in the bay area.

Fri May 9 2008, 14:51
 
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The convention on sales in Santa Clara County is that the seller pays for escrow fee and seller's title insurance. The buyer pays for the lender's supplemental title insurance. County transfer tax is paid by seller and City of San Jose transfer tax is split 50/50. Santa Clara County is very buyer favorable. Alameda and San Mateo counties are very seller favorable. As for new construction developments - many have been making the buyer pay for all of it. This rubs many buyers the wrong way because they will have to pay the most on both the purchase and the eventual sale - because as a resale - it would normally fall under the accepted convention of the county. It is what it is unfortunately...

Thu May 8 2008, 17:34
Web Reference: http://www.bayareainvestmentrealestate.com
 
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Hi Kay,
Yes, this is correct, unless you negotiated something different in your contract.
But remember that everything is negotiable in real estate, and if you haven't signed the contract yet, you can incorporate this into your negotiations.
Enjoy your new home.

Linda Baker
408.712.3432

Thu May 8 2008, 17:22
Web Reference: http://www.LindaBaker.net
 
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FIRST ANSWER
Kay, yes, the buyer has to pay their own closing costs. The amount depends on the purchase price. Good luck in your new home :)

Thu May 8 2008, 15:46
Web Reference: http://www.CherylBarcelona.com
 
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