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Who Pays What

Who Pays What?

A major question in every escrow is:
Who pays what?" The answers vary by county ordinances and standard practices. The list below shows "customary" practices. All fees charged are governed by terms of the sales contract and other written escrow instructions. Note: on some FHA, VA, or other government-backed loans, the buyer will pay some fees that governmental regulations will not allow you to pay.

Sellers Generally Pay:

· Real Estate commission

· Document transfer tax ($1.10 per $1000)

· City transfer tax (Watsonville, Santa Clara split 50/50; San Jose $3.30/per $1000)

· Owners' title insurance policy (Santa Clara and Monterey); split 50/50 in Santa Cruz

· Escrow Fees (Santa Clara Co.; split 50/50 in Santa Cruz Co and Monterey Co.

· Notary fees

· Property tax proration (to date of acquisition)

· Special delivery/courier fees, if required

· Document preparation fees

· Document recording charges

· Homeowner's association transfer fee and prorata dues

· Home Warranty (according to contract)

· Work/repairs required (according to contract)

· Matters of record against the property or seller (loans, tax liens, judgments, etc. and fees required to clear them (statement fees, reconveyance/trustee fees and prepayment penalties)

· Bonds and assessments (according to contract)

· Natural Hazard Disclosure report (Santa Cruz & Monterey $69, Santa Clara $99)

Buyers Generally Pay:

· City transfer tax (Watsonville, Santa Clara split 50/50; San Jose $3.30 per $1000)

· Title insurance policy premiums (lender's and buyer's)

· Owner's title insurance policy (split 50/50 Santa Cruz Co)

· Escrow fees (split 50/50 Santa Cruz & Monterey Co.)

· Notary fees

· Property tax proration (from date of acquisition)

· Special delivery/courier fees, if required

· Document preparation fees

· Document recording charges

· Home warranty (according to contract)

· Inspection fees (according to contract)

· Matters of record against the buyer including tax liens, judgments and fees required to clear them

· Fire insurance premium for the first year (required with loan) (Flood insurance premium?)

· Assumption/change of records fees if the buyer is taking over an existing loan

· Lender's new loan charges and appraisal

· Interest on new loan from date of funding to 30 days prior to the first payment

· Other prorations (rents, insurance etc) if applicable.