Homeowners who are interested in placing their home on the market for the first time in the East County area will naturally have a lot of questions about the entire home selling process. Selling a home can be a highly complex process and there are a lot of terms and conditions that can get overlooked until the home sale is about to be finalized. It is important that home sellers understand all of the taxes and fees that are involved in selling a home and who is responsible for paying them. These additional fees are referred to as closing costs and must be paid before the home sale can be finalized.
The person responsible for paying the closing costs depends on several factors. Sometimes the state or county that the home is selling in will help to determine if the buyer or seller must pay these final fees. And there are also some instances where the costs can be negotiated between the buyer and seller. Understanding which applies to you will help you not be so surprised when closing cost fees are charged to you at the end of the sale.
What are Closing Costs?
Closing costs are the taxes and fees that are required in order for a home sale to be completed. They can include some of the fees that you may expect such as surveyor’s fees, escrow or attorney fees, and title insurance fees. There may also be some charges you may not expect like fees for septic inspection, pest inspection, and recording fees. You can ask your agent to break down the closing costs for you, so that you will be able to see for yourself exactly what you are expected to pay.
How Much Should I Expect to Pay for Closing Costs in East County?
The estimated amount of money that must be paid for closing costs varies from one state to the next. In the state of California, the lender’s origination fees can come to around $1,977 while the third party fees come to an average amount of $662. Your final charges can include additional fees such as government fees, escrow fees, and payment for title searches or title insurance.
Who is Expected to Pay for Closing Costs in California?
In some states, the buyer or the seller is expected to pay the closing costs. In California, the costs are typically divided based on several factors. Usually the seller pays any fees that are associated with the realtor since they have a contract with the agent. There are also some times when the buyer can have it written into their contract that the seller must pay the buyer’s closing costs up to a certain amount.
Your realtor can provide you with more information on what you and the buyer are expected to pay in order to successfully close the sale. You may also be able to negotiate these taxes and fees with the buyer by throwing in some extra amenities such as furniture or appliances in exchange for paying the closing costs.
The more you understand about the selling process, the more successful your home sale will be. Do your own research before placing your home on the market so that you understand all there is to know about closing costs and what you are expected to pay when selling a home in the East County area.
If you’d like more information about selling your home, feel free to contact us or read our home seller’s eBook: