Other things to take into consideration are your lenders closing costs, they will consist of the majority of the buyer's closing costs. In addition to what Alex and Linda have mentioned you will have prorations for property tax and interest and these will depend on when you close the transaction, both the time of year and day of the month. There are also inspections that you may choose order I highly recommend buyers doing their own inspections. 1% is about right for buyers closing costs, otherwise you can imaging what an art it is to estimate, if you would like more precise estimations you can email me and I will send you a spreadsheet that will compute the prorations.
best of luck,
I usually suggest clients to ball park 1.25% of the purchase price for closing costs for budgeting purposes, however it is usually less than 1% for resale (more for new construction).
It is customary for sellers in Santa Clara County to pay for escrow and title fees, however everything is negotiable in real estate.
Feel free to give me a ring if you have more questions.
In Santa Clara County, the seller pays for the County transfer tax, as well as the cost of escrow & title insurance. You will pay for the cost of the ALTA Title Insurance that the lender requires.
Sunnyvale does not have a city transfer tax (San Jose & Mountain View do.) That city transfer tax is what is usually split 50/50 between buyer & seller.
With all that said, everything is negotiable. Depending on the situation, your non-recurring costs can be incorporated into the purchase contract so that the seller pays for them. Every situation is different. Sit down with your realtor when you are ready to write the offer to determine what will be the best overall strategy for you to get the best house for the best price & terms. (This is the part of the business that I find truly fun!!)
Also, please make sure that you also talk to your lender so you understand your closing costs from them. I do not like it when my clients are surprised at Title, especially since these surprises can cost thousands of dollars!
Happy house hunting. Let me know if you need any help in your quest.
Alain Pinel Realtors