Closing Costs

Here is our list of the standard fees associated with finalizing a real estate transaction in Long Beach, California. There may be other special charges depending on the neighborhood or development. The list below is the most common a home buyer or seller can expect to pay when buying or selling a home in the city.

Closing Costs in Long Beach, CA

1. Underwriting and Processing Fee

The fee associated with a lender verifying the financial information you provide including income employment, credit score, and your final loan approval. 

2. Origination Fee

The fee associated with your Mortgage Company to cover administrative costs related to the processing of your application.

3. Credit Report Fee

The credit report fee is a flat fee of about $15 - $30 paid to generate your credit report from various credit bureaus.

4. Appraisal(s) Fees

Fees you have to pay to establish the value of a property you are buying.

5. Flood Certification

Certification that identifies if a home is within a flood zone and is issued by the Federal Emergency Management Agency (FEMA).

6. Tax Service Fee

A tax fee collected by your lender to ensure the mortgagor pays his or her property tax at the right time.

7. Title Search and Lenders Title Insurance

Insurance to protect a lender in the event the title of a property is found to contain flaws in the future.

8. Owner’s Title Insurance Policy

This policy protects a home buyer against any legal issues resulting from a flawed property title. If there is a challenge in the future, this insurance will protect the new owner of the home.

9. Survey

The survey is a comprehensive evaluation of the property boundaries. This process allows you to identify encroachment violations, gas lines, easements, roads, walls, and more.

10. Escrow Property Taxes

The amount of money set aside to cover property taxes held by a third party until the real estate transaction is completed. This amount can vary depending on the overall market value of the property.

11. Closing/Escrow/Settlement

The fee that is paid to the third party escrow company once the deal has been closed. 

12. Recording Fee

The amount of money paid to make a public record of you purchasing a property.

13. Transfer Tax

You'll have to pay a transfer tax once the property title has been transferred from the seller to the new owner.

14. Lead-Based Paint Inspection

The fee for hiring a certified inspector to check if a home has any harmful lead-based toxins.

15. Brokerage Commission

The closing cost a seller pays as a commission to the brokerage for selling their home. This fee usually accounts for about 6% of the total property sale price.

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