18-Monte-EXT

Closing Costs

The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom.

Buyer Generally Pays For

Title insurance policy premiums
Escrow fee
Notary fee
Property tax proration (from date of acquisition)
Special delivery/courier fees
Document recording charges
Homeowners’ association transfer fee and prorata dues
City costs
Home Warranty according to contract
Inspection fees according to contract (termite, roof, property, geological, etc.)
Matters of record against the buyer (tax liens, judgments, etc.) and fees required to clear them
Fire insurance premium for first year
Assumption/change of record fee, for takeover of existing loan
Lender’s new loan charges
Interest on new loan from date of funding to 30 days prior to first payment date
Other prorations (rents’ insurance, etc.) if applicable
50% Of City Transfer Tax. Oakland: 1.5% of sales price. Piedmont 1.3%, Berkeley 1.5%, Lamorinda No city transfer tax

Seller Generally Pays For

Real Estate Commission
Notary fees
Property tax proration (to date of acquisition)
Special delivery/courier fees, if required
Document preparation fees
Document recording charges
Homeowners’ association statement fee and prorata dues
City costs
Home Warranty according to contract
Work/repairs required according to contract
Matters of record against the property or seller (loans, tax liens, judgments, etc.) and fees required to clear them (statement fees, reconveyance/trustee fees and prepayment penalties)
Bonds and assessments according to contract
Document – County transfer tax ($1.10 per $1,000 of sales price Alameda & Contra Costa)
50% Of City Transfer Tax. Oakland: 1.5% of sales price. Piedmont 1.3%, Berkeley 1.5%, Lamorinda No city transfer tax