* Costs can change and vary depending on the circumstances of a particular transaction.
| REAL ESTATE FEES |
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| Real Estate Commission |
Fee paid to a real estate company for services rendered in listing, showing, selling and facilitating the transfer of your home. |
| LENDER FEES |
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| Loan Payoff: |
At the close of escrow, the title company will use the proceeds from the sale to payoff the balance of your current loan(s). |
| Processing/Loan Fees: |
The lender may charge fees in connection with the closing out of your loan. |
| Application Fee: |
Lender/Brokers may charge a fee to offset the cost of processing the loan. |
| Pre-Payment Penalty: |
If you close out your current loan while there is a pre-payment penalty, you will be responsible for that charge. This charge is usually around the total of six months interest. |
| Last Month's Interest: |
Keep in mind that you pay interest for every day you own your home. Unlike rent which is paid on the due date and covers the following month, mortgage is paid on the due date and covers the previous month. Therefore, at closing the days owed for interest from the previous month up until the close of escrow date, are taken out of your proceeds. |
| CITY/COUNTY FEES |
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| Tax Proration: |
This is your portion of the property taxes that are due at the time of close of escrow. |
| Delinquent Taxes/Assessments: |
These are taxes or charges from the County Assessor's Office or the City in which your property is loacted that have not been paid and need to be current in order for the escrow to close. |
| Transfer Taxes: |
These are taxes imposed by the City or County your property is located in that are due at the time of close. These taxes are for transferring the property from one owner to another. |
| OTHER FEES/CHARGES |
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| Home Warranty (per your contract): |
This an insurance policy which covers the new homebuyer for certain items in the home, such as plumbing, appliances, or roof repairs, as stated in the actual policy. This is an item that is negotiated in the Purchase contract. It is our recommendation that all transactions contain a Home Warranty for the Buyer, as this provides re-assurance for the Buyer and is an added feature for your home. |
| Unpaid Homeowner's Dues: |
If your property is located within a homeowner's association, there are monthly or quarterly charges that are due for the maintenance of the common areas and the privileges contained within your association. All fees that are due must be paid and current in order to close the escrow. |
*As part of some lender's requirements, a complete HOA (Home Owner's Association) Information Packet must be ordered and provided to the Buyers as part of the disclosure process. HOAs often charge anywhere from $75 - $375 for these documents. The documents contained in the Packet include the HOAs By-laws, Rules, Fees, Insurance Information and Budget.
