Closing Costs

There are certain standard costs associated with closing the sale of a house. These can be very different from state to state and even from area to area within a state, based upon a kind of "real estate culture" that develops over time. In northern California, certain fees are typically paid by the Seller; in southern California, many of those same fees are typically paid by the Buyer. In our area, it is expected that many of these fees are split equally between the buyer and the seller. There are also some fees that are typically paid by the Seller, and others that are typically paid by the Buyer - some are negotiable. Please don't hesitate to ask me (or your lender or the escrow officer) to explain anything you find confusing about these fees at any time. I am committed to helping you understand the transaction you are involved in!

As a Buyer, you will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. Shortly before the close of escrow you will receive a more detailed estimate from the escrow company, which it is important to review carefully for mistakes or negotiated expenses  that may not have been added to either the Buyer or Seller side.

As a Seller, you will also receive a "Closing Statement Estimate" from the escrow company that will detail all the fees and debts payable by the end of escrow (including payoff amounts for any existing mortgages or lines of credit, tax or mechanic's liens, negotiated inspections and repair costs, realtor fees, transfer taxes, etc.)  and the final amount you as a Seller will receive. Again, it is important to review this statement carefully for mistakes or negotiated expenses  that may not have been added to either the Buyer or Seller side.