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Brentwood Real Estate: Are You Buying Or Selling? Do You Know Who Pays For What In Escrow?

By Robert Schmalz

Real Estate Broker/Owner with West Los Angeles Real Estate Group DRE# 01813025

December 21, 2011 08:50 AM

My clients who are buying Brentwood Real Estate be it Brentwood Houses or Condos are always asking who is to pay for this or that, so I decided to make a list of who usually pays for items during escrow. Keep in mind West Los Angeles Real Estate Group negotiates every line item for their clients so although this is a good guideline how you negotiate the transaction will effect this list.

So when buying Brentwood Condos or Houses it is always good to have a professional and highly qualified team who specializes in Brentwood Real Estate handle your transaction.

Please call your specialist at West Los Angeles Real Estate Group to handle and take care of all your Real Estate needs. You can call me anytime at310.505.5571 or of course email at bob_schmalz@wlaregroup.com.

BUYER Typically Pays For:

Escrow fees – Their Own
Document preparation (if applicable)
Notary fees
Recording charges for all documents in buyer’s name
Termite inspection (according to contract)
Tax proration (from date of acquisition)
Homeowner’s transfer fee
All new loan charges (except those required by lender for seller to pay)
Interest on new loan from date of funding to 30 days prior to first payment date
Assumption/Change of Records fees for take-over of existing loan •
Beneficiary Statement fee for assumption of existing loan •
Inspection fees (roofing, property inspection, geological, etc.) •
Home Warranty (according to contract)
Lender’s policy
Fire insurance premium for first year

SELLER Typically Pays For:

Real estate commission
Escrow fees – Their Own
County documentary transfer tax (55 cents per $500 of consideration, exclusive of the value of any lien or encumbrances attaching to the property at time of sale)
Applicable city transfer/conveyance tax (according to contract)
Document preparation fee for deed
Any 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 judgments, tax liens, etc., against the seller
Tax proration (for any taxes unpaid at time of transfer of title)
Any unpaid homeowner’s dues
Recording charges to clear all documents of record against seller
Any bonds or assessments (according to contract)
Any and all delinquent taxes
Notary fees - escrow fee
Title insurance premium: Owner’s Policy

Robert Schmalz
West LA Real Estate Group
11812 San Vicente Blvd Suite 100
Los Angeles, CA 90049
California Broker Lic #01813025
www.WestLARealEstateGroup.com

Serving all of Santa Monica, Brentwood CA,
Pacific Palisades and West Los Angeles

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