Whether you are buying or selling a home, there are basic transaction costs in addition to the list price. Much of these costs go to 3rd parties who are processing the transaction - agents, appraisers, inspectors, escrow offices, government taxes etc. Of course, (almost) every thing is negotiable, and your agent will give you an estimate of closing costs, so there are no surprises.
Sellers:
- Real Estate Agent Commission (the % or fee is negotiable)
- Owners Title Insurance Policy
- Escrow Fee
- Document Transfer fee - County & City
- Reporting & recording fees
- Natural Hazards Disclosure
- Certificate of Compliance
- Retrofitting, carbon monoxide & smoke detectors, gas shut off valve & water heater strapping.
- Termite Inspection & Section 1 Corrective work
- Notary fees, messenger fees
- 1 year Home Buyer Protection (for the buyer)
- Costs of repairs that Seller & Buyer agree upon.
- Loan Payoffs, Judgement or Lien payoffs
- HOA charge for documents & transfer fee
For Buyers:
- Purchase Price of Home
- Credit report
- Appraisal fee
- Escrow fees
- New Loan Fees
- Title Policy Insurance
- Transfer Taxes & HOA fees (prorated)
- Inspection fees
- Recording fee for Trust Deed
- Notary & Messenger fees
- Fire Insurance Premium
Dealing with Financing
