What are the selling costs (lawyer, closing fee, etc) for a condo in downtown?

Asked by Jennifer, Downtown, San Diego Sun Oct 26, 2008

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Michael Barr…, Agent, Irvine, CA
Sun Oct 26, 2008
Hi there Jennifer . Hope this helps
In CA The SELLER can generally be expected
to pay for:
• Standard CLTA owner’s Title Insurance
• Real Estate Commission
• Document preparation fee for deed
• Documentary transfer tax
($1.10 per $ 1,00.00 of sales price)
• Any City Transfer/Conveyance tax
(according to contract)
• Any FHA or VA loan fees required by Buyer’s Lender
• Payoff of all loans in Seller’s name (or existing loan
balance if being assumed by Buyer)
• Interest accrued to Lender being paid off,
Statement Fees, Reconveyance Fees and any
Prepayment Penalties.
• Termite Inspection (according to contract)
• Termite Work (according to contract)
• Home Warranty (according to contract)
• Any judgement, tax liens, etc. against the seller
• Recording charges to clear all documents of record
against the Seller
• Tax proration (for any taxes unpaid at time of
transfer of title)
• Any unpaid Homeowner’s dues
• Any bonds or assessments
(according to contract)
• Any and all delinquent taxes
• Notary Fees
• Escrow Fee (50%)
• Seller’s portion of Sub-Escrow Fee
• Demand Fees

If you have any questions on this please feel free to call me
Kind Regards
Michael Barron
First Team Real Estate
(714) 552-6817
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Jeffrey Doug…, , San Diego, CA
Sun Oct 26, 2008
Dear Jennifer,

Unlike some states California does not usually have lawyers involved in the sale or purchase of real estate. Your question is pretty general but here are the most common costs for a Seller.

1. Commission for real estate agents, usually split between Listing Agent (Seller's Agent) and Selling Agent (Buyer's Agent). Commission are negotiable and are usually based on a percentage of sales price - for example 6%.
2. Title Insurance Policy paid by Seller - cost of policy based on sales price.
3. Escrow Fee - usually split half and half between Buyer and Seller.
4. Document Transfer Fee based on sales price.
5. Pro-rated Property Taxes and HOA fees.
5. Other costs or home warranties agreed upon in purchase agreement.
6. Other misc. fees depending on services.

Common costs for the Buyer would include.

1. Escrow Fee - again usually split half and half.
2. Lender's Title Policy Fee.
3. Prorated property taxes.
4. Lender fees which may include loan origination, appraisal, credit report fees, etc.
5. A few downtown buildings have a CCDC fee usually paid by the Buyer, but again negotiable.
6. Other misc. fees depending on services.

You can ask any real estate agent or have escrow prepare you an estimate of your actual closing costs. Some of these costs will change depending on which services you are using. It pays to shop around but the cheapest may not always be your best choice.

If you want to e-mail me more specifics I would be happy to run an estimate for you. I have included a link to a Seller Net Sheet calculator on First American Title Insurance website.
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