Closing costs are IN ADDITION TO purchase price. Standard closing costs include:
* Loan origination points â€“ depends on your lender and type of loan
* Pepaid interest â€“ depends on which day of the month you close
* Property tax impounds â€“ depends on the type of loan and when in the year you close
* Insurance impounds â€“ plan on 6 months of insurance, if required
* Processing/Underwriting fees â€“ depends on your lender and type of loan
* Document prep fees â€“ approximately $150.00
* Appraisal fees â€“ approximately $550.00
* Funding fees â€“ depends on your lender and type of loan
* Tax service, flood cert, etc. â€“ approximately $150.00
* Escrow fee â€“ depends on purchase price (in some parts of California, a separate title company is used in addition to a closing/escrow company â€“ fees vary)
* Ownerâ€™s title policy â€“ depends on purchase price
* Lenderâ€™s title policy â€“ depends on loan amount
* Doc prep, notary, recoding, courier, etc. â€“ approximately $350.00
* Prorated property taxes â€“ depends on the type of loan and when in the year you close
* Homeownerâ€™s dues (if applicable) â€“ varies depending on the development
* County Transfer Tax (the base rate in California is $1.25/$1000 purchase price)
* City transfer tax (normally split 50/50 with the seller if applicable)
* HOA transfer fee â€“ varies depending on the development
* Annual homeownerâ€™s insurance policy (if applicable) â€“ depends on the type of home being purchased
* Inspections â€“ norms vary from county to county
Who pays what differs from county-to-county across California. Additionally, itâ€™s not uncommon to see some kind of contribution from the seller to the buyer for closing costs.
It is a good idea to ask your mortgage broker to provide with a copy of a prelimary HUD before you see all these charges.
Best of Luck,
Century 21 Tenace
Closing costs are different for buyer and seller. Sellers typically pay both Realtors in the transaction, transfer fees, half of escrow fees, and title fees.
Buyers typically pay for all their lender fees, title fees on their loan, half of escrow, property taxes, and so on.
Fees usually add up to about 2.5% of purchase price for buyers.
Teresa has done a good job of listing fees, and since she is in San Diego I will assume her allocations are as customary in San Diego.
Lance King/Owner-Managing Broker
A buyer's closing costs and pre-paid expenses include pro-rated property taxes, homeowner's insurance, escrow and title fees, home inspection and appraisal, to name a few. Cost is probably around $3800 on a $500k cash purchase. If a loan is involved, add the loan fees quoted by your loan officer. Add your down payment, for total cash required to close.
A seller's closing costs include pro-rated property taxes, owner's title policy, escrow fee, home warranty, document transfer fee, and real estate commission, to name a few. Cost is probably around $39k on a $500k sale.
Tera George, Broker
Some of the typical costs are: Escrow fees, title, taxes, broker fees. Typically seller closing costs range from 6-10% of the sales price while the buyers closing costs range from 1-3%.
Let me know if I can help you in any way!
Joan Wilson (Realtor, SRES, Ecobroker, Certified REO, HAFA, and Short Sale Specialist)
Pacific Sothebyâ€™s International Realty
Call or Text: 760-757-3468
CA DRE License # 01341483