Northern California Home (NCA Home)

Closing Costs Part 1

There are certain standard costs associated with closing the sale of a house. These fees are split between the Buyers and the Sellers, as spelled out in the Residential Purchase Agreement. As NCaHome negotiates for you, NCaHome will not only work to get the price and terms that you want, but will also work to limit the number of closing costs for which you will be responsible.

NCaHome offers to educate Buyers and Sellers about closing costs: answering any questions you may have, and explaining which costs are decreed by law to be yours and which are negotiable.

Good Faith Estimates

Buyers and Sellers receive an "Estimated Settlement Statement" (HUD-1) from the escrow company, just before escrow closes. Also Buyers receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. These estimates are based on past experience and probable closing costs, and may not include all of the actual closing costs (sometimes there are adjustments). NCaHome will be glad to review the estimates with you, answering questions and highlighting potential cost and/or estimate issues.

Standard Closing Costs

Loan-Related Costs:

Loan Origination Fee
Points (optional)
Appraisal Fee
Credit Report
Interest Payment
Escrow Account

Taxes

Property Taxes
Transfer Taxes and Recording Fees

Insurance

Homeowners Insurance
Flood or Quake Insurance
Private Mortgage Insurance (PMI)
Title Insurance

Who Pays For Which Closing Costs - Buyer or Seller?
Allocation of Closing Costs Between Buyers and Sellers
For Most California Counties

The SELLER Can Generally Be Expected To Pay For:	The BUYER Can Generally Be Expected To Pay For:
Title insurance premium covering loan policy (Buyer) Escrow Fees (1/2) Real Estate Commission Document preparation fee for deed Document recording charges that effect the seller County Transfer Tax ($1.10 per $1,000 of sales price) This varies with county & city Any loan fees required by buyer's lender (as per contract) Notary fees - Sellers Documents Any city transfer/conveyance tax Special delivery/courier fees Payoff of all loans in sellers name Interest accrued to old lender, Statement fees, Reconveyance fees and any prepayment penalties Homeowners' association transfer fee and prorata dues (Negotiable) Bonds or assessments according to contract Termite inspection according to contract Termite work or repairs according to the contract Home warranty according to the contract All delinquent taxes Any judgment, tax liens, etc against the seller Recording charges to clear all documents of record against seller	Title insurance premium covering loan policy (ALTA) Escrow Fees (1/2) Notary Fees - Buyers Documents Document preparation fees - Buyer documents Termite Inspection according to contract Inspection fees (roofing, geological, property, etc.) Special delivery / courier fees All new loan charges (except those requires by lender for seller to pay) (as per contract) Interest on new loan from date of funding to 30 days prior to first payment Home warranty according to the contract Fire insurance premium for first year City transfer/conveyance tax according to the contract Preliminary change of ownership fee Assumption / change of records fees for takeover of existing loan Beneficiary statement fee for assumption of existing loan Other prorations if applicable
The above items are negotiable between the buyer and seller, as agreed upon in your individual sales contract. This is for informational purposes only and reflects typical charges.