TRANSACTION EXPENSES & CLOSING COSTS

Buyers incur transaction expenses for property inspections and financing. Within 72 hours of applying for a loan the lender must provide a Good Faith Estimate. The Estimate will be finalized by the escrow at closing

Sellers incur (1) optional transaction expenses such cleaning and painting, staging, signs, creation of the property website, pre-sale inspections; and, (2) statutory expenses, such as complying with Point-of-Sale Ordinances, and providing certain disclosures such as the Natural Hazards Disclosure Statement, the California Property Tax Disclosure Report, and, if applicable, Homeowner Association documents .....

As for closing costs, the allocation of documentary transfer tax, escrow fee, and title insurance premiums is a matter of custom, which itself differs from County to County. Chicago Title offers a useful table of allocation of these items between sellers and buyers..


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