Purchase price $230K. On ratified contract pls. clarify, "seller to pay closing costs up to $11500.00" I don't need to pay for

Asked by Christina, Sacramento, CA Tue Nov 10, 2009

closing costs? What are escrow fees 50/50 split? What are those fees for?

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Rocky G.H. H…, Agent, Ripon, CA
Tue Nov 10, 2009
Hi Christina,

There are closing costs for both the Buyer and Seller in almost every Real Estate transaction. The best thing to do is to ask your Realtor or your Escrow Officer to explain these costs to you. Your individual costs are just that. They are individual, depending on many factors. Only those that have first hand knowledge of the transaction will be able to accurately tell you about the individual costs.

Let us know if you have any other questions.

Best regards,

"Rocky" G.H. Hawrysz, Realtor®, Broker Associate, e-PRO®, ABR®, SRES®
Prudential California Realty
(209) 444-6610 - Direct Office Line
Web Site: http://www.TeamHawrysz.com
Lic.: 01468373
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Kim Senecal, Agent, Rancho Cucamonga, CA
Tue Nov 10, 2009
Hi Christina, the usual escrow fees are $325 base and $170 per $1,000 of the sales price. It varies between escrow companies, but this is the usual standard that we see. "Seller to pay closing costs up to $11,500" means that the seller is paying up to that amount of the buyer's closing costs. The seller will have their own fees, such as the comission and escrow fees, in addition to the $11,500. The buyer might have - for example - $20,000 in closing costs - and they would be responsible for paying the difference. The term "Escrow fees 50/50 split" means that buyer and seller has their own escrow fees. As for what those fees are for, I sgguest you contact that escrow company and ask them straight out. I hope this was helpful - I know it can be confusing, and I wish you the best of luck with your sale.
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