Closing Costs /West Hills Ca./Woodland Hills /San Fernando Valley Real Estate
(Q) Esperanza Can you please explain to me what does the closing cost cover?
(A) Buyer's Common Closing Costs
Who Pays What?
A Guide To Closing Costs
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 pro-ration (for date of acquisition)
Homeowner's Transfer fee
All new loan charges (except those required by Lender for Seller to pay)
Assumption/Change of Records Fee for takeover of existing loan
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
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 $1,000.00 of sales price
Any City Transfer/Conveyance tax(according to contract)
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 judgment, tax liens,etc, against the seller
Recording charges to clear all documents of record against Seller
Tax pro-ration (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%)
Sellers portion of Sub-Escrow Fee
Demand Fees
SHORT-SALE / FORECLOSURE TRANSACTIONS
NOTE: There are exceptions to the Buyer when buying a short-pay/short-sale, of foreclosure.
LENDERS/SELLER usually does NOT pay for Termite, Home Protection Plans, and any other number of things. Each Lender is different, and usually not negotiable. After signing a contract with an approval from the bank. the bank will also include conditions that the buyer will have to sign before an agreement is reached.
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