Thank you for replying. So, by reading the code, since the REO property is not owned by the Agency, and is purchase from a private bank/investor, does it means that the Buyer does not need to pay any Redevelopment Agency Transfer Fee? Or does it means that the 30 year is not up and the Agency is still collecting each time the property is transferred? And most importantly, how much would this fee be if it is applicable. The answers I got so far is somewhere between 1.5% to 2.0% of the purchase price!!!

The property I am looking to buy wil either a townhome or condo in the Cove, the Shores or Marina Bay. Since seller require buyer to pay all closing cost I just do not want to miss any large cost component.

Regarding Redevelopment Agency

Here's an excerpt from the CA Codes http://www.leginfo.ca.gov/cgi-bin/displaycode?section=hsc&am…

This pertains to housing reserved for low-moderate income households.


33013. "Small housing project" means real property containing or
proposed to contain a separate residential structure having not more
than four dwelling units and which is owned by an agency and proposed
to be conveyed to persons and families of low or moderate income or
to private parties pursuant to an agreement with an agency to develop
or maintain the residential structure which is proposed to be
restricted by a recorded instrument for the use and occupancy of
persons and families of low or moderate income for a period of not
less than 30 years, or to the term otherwise provided by law, and
which meets either of the following criteria:

(a) The real property is owned by an agency and one or more of the
dwelling units therein are proposed to be restricted for the use and
occupancy of persons or families to whom the agency is obligated to
provide relocation assistance under Chapter 16 (commencing with
Section 7260) of Division 7 of Title 1 of the Government Code or for
persons and families of low or moderate income.

(b) The real property is owned by the agency and is proposed to be
conveyed to persons and families of low or moderate income or
developed for rental by private parties (nonprofit or otherwise)
pursuant to an agreement with the redevelopment agency.

Hope this helps

Questions for you:

Are you represented by a realtor? If so, your realtor and a title company should be able to estimate your closing costs which will be based on:

How much is the offer price
Your down payment
Interest rate if not a cash offer
Points if you are getting a loan (is your lender charging you a loan origination fee?)
The title company should get the info from the HOA re: transfer fees, doc preparation fee
Estimates for prepaid insurance/taxes

Typical buyer's expenses:

Recording fee $100
Loan processing fee $350
Tax service $85
Document preparation fee $350
Loan underwriting fee $200
Flood certification (needed for insuance) $20
Appraisal $400-500
Credit report $50-60
Courier fees $50
Loan origination or discount fee anywhere from 1% of purchase price
County transfer tax
City transfer tax (Richmond, it's $7/$1000 of purchase price)
Lender's title policy
Prepaid insurance, taxes and interest

Depending on the terms of your offer, if you have so many days written in for your loan appraisal/approval and buyer investigation....as long as you don't release or clear those contingencies, you should be able to get your initial deposit back.

These are the things your realtor should be ablet to tell you.