Orange County Real Estate
Who Pays What? ----- A guide to closing costs
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 $1,000 of sales price)
- Any City Transfer/Conveyance tax (according to the contract)
- Any FHA or VA loan fees required by Buyer's Lender
- Payoff of all loans in Seller's name (or existing 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
The BUYER can generally be expected to pay for:
- Title insurance premiums (ALTA Loan Policy)
- Escrow Fee (50%)
- Document preparation (if applicable)
- Notary Fees
- Recording changes for all documents in Buyer's names
- Termite Inspection (according to contract)
- Tax proration (for date of acquisition)
- Homeowner's Transfer Fee
- All new loan charges (except those required by Lender for Seller to pay)
- Assumption/Change of Record Fees for takeover of existing loan.
- Recording charges to clear all documents of record against Buyer
- Beneficiary Statement Fee for assumption of existing loan
- Inspection Fees (roofing, property inspection, geological, etc...)
- Home Warranty (according to contract)
- City Transfer/Conveyance Tax (according to contract)
- Fire Insurance Premium for first year
- Buyer's portion of Sub-Escrow Fee
- Escrow Loan Tie-In Fee
For more information and tips about purchasing a home in Orange County, contact Sandra Carlisle at (949) 500-0482.
Orange County Real Estate Guide to Closing Costs
GREAT blog for the readers that dont know many dont understand real estate what the expenses are. Have a great weekend
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Sandra - Thank you for putting this together. Your list encompasses more than my previous one. This is bookmarked for future use and I hope homebuyers/sellers see this in your area.