A major question in every escrow is who pays what varies by county ordinances and standard practices? What follows is a general guide to this information for San Jose and Santa Clara County. Please note that these are “customary” practices and all fees charged are governed by terms of the sales contract and other written escrow instructions. Note: on some FHA, VA or other government-backed loans, the buyer will pay some fees that governmental regulations will not allow you to pay. In California, San Jose sellers pay:
• Real estate commission
• Document transfer tax ($1.10 per $1,000 of sales price)
• Notary fees
• Property tax proration (to date of acquisition)
• Special delivery/courier fees, if required
• Document preparation fees
• Document recording charges
• Homeowner’s association statement fee and prorata dues
• 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, conveyance/trustee fees and prepayment penalties)
• Bonds and assessments (according to contract) Buyer’s Generally Pay:
• Title insurance policy premiums (lender’s and yours)
• Escrow fees
• Notary fees
• Property tax proration (from acquisition date)
• Special delivery/courier fees, if required
• Document preparation fees
• Document recording charges
• Homeowner’s association transfer fee and prorata dues
• City costs
• Home warranty (according to contract)
• Inspection fees (according to contract)
• Matters of record against yourself including tax liens, judgments and fees required to clear them
• Fire insurance premium for the first year
• Assumption/change of records fees if you are taking over an existing loan
• Lender’s new loan charges
• Interest on new loan from date of funding to 30 days prior to your first payment
• Other proration’s (rents, insurance etc.) if applicable
Contact us for more info on who pays what in San Jose.
Buying or selling a house both takes a lot of research and courage to make the right deal for you. Since there is large part of investment with lots of formalities that come along, therefore it has to be done with utmost care. A pro can guide you well on making a perfect deal keeping in mind the market position.
Thank you, Helen for stopping by. You are so right, hiring the right agent makes all the difference in the world. Buyers and sellers deserve to be guided every step of the way by the real estate professional they hire. Not all agents are created equal.