Finding the right home at the right price is just one aspect of a home sale or purchase. Bayshore Real Estate Services is experienced at helping both buyers and sellers when it comes to closings. E-mail or call me today at (831) 484-2400 if your needs include a real estate pro experienced in all aspects of the real estate transaction.

Closing costs you should expect

There are certain standard expenses linked to closing the sale of a house. Some of these costs are often split between the buyer and seller, as instructed in the sales contract. Many are universal, but there are nuances to each, so you'll want a real estate expert in California to help direct you through your transaction.

Closing costs that are tied to your mortgage    (Details)

  • Points (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Lender's title insurance
  • Lender's processing or underwriting fees

At closing, the following taxes are usually paid    (Details)

  • Property Taxes
  • Transfer Taxes and Recording Fees

At closing, these fees are often due    (Details)

  • Homeowners Insurance (1 year and possibly more if impounds)
  • Flood or Quake Insurance (optional in most cases)
  • Private Mortgage Insurance (PMI) (optional)
  • Title Insurance - negotiable (customarily by seller)
  • Home Protection plan (optional)
  • Notary and recording charges
  • Home Inspection costs (buyer: optional & if not paid at inspection)
  • Termite Inspection costs (buyer: optional & if not paid at inspection)
  • Chimney Inspection/cleaning cost (buyer: optional & if not paid at inspection)

Sellers: As we negotiate your transaction, I'll not only work to get the optimal sales price, but I'll also advocate for limited closing costs. And once we've reached an agreement, I'll fully explain the closing costs so you are informed of exactly where your money is going. I will provide you with a detailed estimated seller's net proceeds upfront at the time of listing your home.

Buyers: If you're purchasing a property in Monterey County, you'll receive a "Good Faith Estimate" (GFE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer's previous experience and is required to be within an acceptable range so you're not shocked when you reach the closing table. In some circumstances we can attempt to have the seller assist in paying some of these costs.  We will go over that likelyhood prior to making your offer. I will be happy to prepare the good faith estimate for you prior to writing the offer so you will be prepared for all of the costs associated with purchasing a home.  Because of my 20 year background in lending, I am familiar with all of the miscellaneous fees so there won't be suprises when you make the formal loan application.  I'll be happy to look at the GFE with you, answering your questions and highlighting any estimates that appear to be out of the ordinary or are different from the original cost estimate you were provided when you made your offer.

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