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Who
Pays For What?
Items
the Seller can generally be expected to pay for:
- Real
Estate commission
- Escrow
fees
- 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
Note: Although this is the traditional distribution of expenses
associated with a sale, many items may be negotiated between
the parties at the time of the offer, notwithstanding certain
expenses required by the lender to be paid by seller.
The
Buyer can generally be expected to pay for:
•
Escrow fees
• 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 title policy
• Fire insurance premium for first year
Who Pays
For What . . .
1640 So. Pacific Coast Hwy.
Redondo Beach, CA 90277
(310) 375-0583
(310) 375-9616 Fax
2501 No. Sepulveda Blvd., 2nd Floor
Manhattan Beach, CA 90266
(310) 546-7611
(310) 545-0515 Fax
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