Page 39 - Homeowners Manual - El Dorado County
P. 39
Closing Costs
The buyer and seller will pay “closing” or settlement costs, an accumulation of separate charges paid to different
entities for the professional services associated with the buying and selling of property.
Some closing costs might include real estate commissions, appraisal fees, loan fees, escrow charges, advance
payments like property taxes (city and county), hazard insurance, title insurance, pest inspections, etc.
Keep in mind that your closing funds should be in the form of a cashier’s check made payable to the title
company or escrow office in the amount requested, or by wired funds.
EXAMPLES OF ADDITIONAL CLOSING COSTS
• Title insurance premiums
• Escrow and notary fees
• Documentation preparation fee
• Recording charges for all documents in buyer’s name
• Interest on new loan from date of funding to 30 days prior to first payment
• Inspection fees (property, roof, geological)
• All new loan charges (except those required by lender for seller to pay)
• Tax proration from date of acquisition
• Assumption/change of record fees for take over of existing loan
• Beneficiary statement fee for assumption of existing loan
• Homeowners association transfer fee
• Home warranty (according to contract)
• Any city transfer tax/conveyance tax (per custom)*
• Real estate commission
• Documentation preparation fee for transferred deed
• Fire insurance premium for first year impounds, if applicable
• 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 work (according to contract)
• Natural hazard disclosure report
• Any judgments, delinquent taxes, tax liens, etc. against seller
• Tax proration (for any unpaid taxes)
• Recording charges to clear all documents of record against seller
• Any bonds or assessments
• Any unpaid homeowner’s dues, homeowner’s document and demand fees
• Documentary transfer tax
(*Based on City/County of where property is located. Check with your Real Estate Professional.)
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