Buyer Closing Costs Explained

Buyer Closing Costs:

When it comes to buying a house, there are additional buying transaction costs that are not included within your future home’s purchase price that that you should be aware of.  These costs are called closing costs.  These costs can be negotiated with the seller in the purchase contract, but in most cases the customary buyer’s closing costs in Southern California typically include:

  •  All costs associated with obtaining your loan.  These costs include lender fees, origination fees/points, lenders title insurance, mortgage insurance, interest, appraisal, credit verification, paperwork, document, and notary fees.  These fees will vary depending on the amount and type of loan and your credit.  It’s best to get a good faith estimate of your closing costs from your lender as you're looking into affordability price ranges when you begin the home buying process.
  • Buyers portion of escrow fees including paperwork, notary, delivery, wiring, & recording fees.
  • Property inspection(s), test(s), and survey report costs
  • Homeowners insurance
  • Homeowners association dues
  • Prorated property tax amounts
  • Extended title insurance policy
  • Attorney review fees
Each home purchase is unique and the dollar amount of the buyer's closing costs can vary greatly depending on the purchase price, scope of the property, loan amount, transaction complexity, and what is agreed upon within the purchase contract.  For more information on the closing costs that would apply towards your future home purchase please contact me. 
Before closing on your new home make sure to get an estimated closing statement or settlement statement containing an itemized list of all your closing fees from the escrow officer.  Review the list comparing it with the sales contract.  Question any changes or additional fees.    

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