Does the seller pay escrow fees and for the title policy. If so, what are the typical charges for those on a purchase price of $840,000? Thanks.

Asked by Mangodolphin, La Quinta, CA Wed Dec 28, 2011

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Ron Thomas, Agent, Fresno, CA
Wed Dec 28, 2011
I can tell you what is "usual" for California:
but I cannot tell you what you will pay; remember, everything is negotiable.

The Escrow Fee is normally SPLIT, 50/50
The Owner's Title is normally paid by the SELLER
The County Transfer Tax ($1.10/thousand) is normally paid by the SELLER.

The fees/charges can vary: I suggest you decide upon a Title Company locally, and ask the Title officer to make up a hypothetical HUD1 using $840,000. They want your business, they should do this for you.

Good luck and may God bless
1 vote
Jmchoboian, Home Buyer, La Quinta, CA
Wed Jul 12, 2017
Does the seller pay escrow fees and for the title policy. If so, what are the typical charges for those on a purchase price of $840,000? Thanks.
0 votes
Maria, Home Seller, Harlem, GA
Mon Sep 23, 2013
Hi I am selling a property in Florida for $65,000 and Escrow is $6500 leaving me with $58,500 - does that seem right?
0 votes
Lance King, Agent, San Francisco, CA
Thu Dec 29, 2011
Morning,

Fee splits are usually dictated by local customary practices. To find out what those are in your area call your agent/broker or a local title company and they can give you that information as well as what costs would be for a purchase like this.


Although everything is negotiable, generally speaking we've found more success negotiating on other items than trying to get people to pay something they weren't expecting to, or you can simply ask for a $______ credit for non-recurring closing costs.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes
Elizabeth Sc…, Agent, Palm Desert, CA
Wed Dec 28, 2011
It all depends on your offer. You can negotiate the fees as part of the offer you present to the seller. Many times the seller will be willing to pay all of the fees, especially if they are really motivated to sell or are experiencing a large gain from the sale. Read your RPA or speak to your agent for clarification.
0 votes
Louie Shell…, , Palm Springs, CA
Wed Dec 28, 2011
Usually buyer and escrow split the escrow fees 1/2 seller, 1/2 buyer. Title is paid by seller as they have to give buyer clear title. However, you can check escrow fees and title fees and see which company will give you the best price. Everything is negotiable. Foreclosed and bank owned properties are a little different as you can request the bank pay for non-recurring closing costs. Rule of thumb is that title and escrow is about 1 1/2@+/-
of the purchase/selling price.

Joyce Virtue, Broker Associate
Five Diamond Properties
Ca Lic 01155911
760 861-1442
joycevirtu@aol.com
0 votes
Mike Domino, Agent, Long Beach, CA
Wed Dec 28, 2011
Escrow and title fees are often negotiated. Whenever I negotiate a purchase agreement on behalf of a buyer, I always include language in the purchase agreement that reads," Buyer and Seller each to pay their own escrow fees". The reason for this is that escrow fees for the seller and buyer are much different. For example, the sales commission is usually paid for by the seller. Would you (as a buyer) want to pay 50% of the sales commission?

The title fee - I always ask for the seller to pay for the buyers CLTA title insurance. On a home in the $840,000 range (as you stated in your question), the title costs is normally around $884. Escrow fees would range approximately $1880 for the buyer. You will also have additional closing fees such as an appraisal report, Home inspection, Loan origination fees just to mention a few.

If you have additional questions concerning escrow costs, please feel free to contact me at Mike@MikeDomino.Net.

Thanks,

Mike
Web Reference:  http://www.MikeDomino.Net
0 votes
Lance Frank, Agent, La Quinta, CA
Wed Dec 28, 2011
In our area it is customary for buyer and seller to split escrow. On a $840,000 purchase it would be about $2000 each. Title insurance is usually paid for by the seller. Figure $2000 on a $840,000 purchase, give or take. If there is a loan, the buyer usually pays for the lender's policy. You can shop around for the best price, but price isn't everything. Agents tend to have their favorites and will make recommendations accordingly
Web Reference:  http://www.Hwy111.com
0 votes
Walter 'Skip'…, Agent, Brea, CA
Wed Dec 28, 2011
Hello,
Figure around $2,000 for title, $2,300 for escrow and $925 for transfer tax.
Good luck,
0 votes
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