Who pays for what in a Santa Clara County Home Purchase
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I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.
Whether you are buying or selling a home in Santa Clara County, you should be aware of what fees is paid by which party. Note that the fees I have listed below vary by county to county and is negotiable by contract. These are not an all inclusive list, but I have tried to include the most common items.
Fees generally paid by seller:
- Real estate commission
- Document transfer tax ($1.10 per $1000.00 of sales price)
- Any city transfer or conveyance tax
- Owner’s title insurance premium
- Escrow Fee
- Tax proration (for any unpaid taxes at the time of transfer of title)
- Recording charges to clear all documents of record to the seller
- Any delinquent taxes, judgments, liens against the seller
Fees generally paid by the buyer:
- Lenders title insurance premium
- Notary Fees
- Recording charges for all documents in buyer’s name
- Tax proration from the date of acquisition
- Interest on new loan from date of funding to 30 day prior to first payment date
- Hazard Insurance premium for first year
- County preliminary change of ownership fee
If you are looking to buy or sell in Santa Clara county and have any questions pertaining to the process or need a referral for a real estate agent, email me at [email protected]. To remain updated on the real estate/mortgage market you can follow me on Twitter.
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