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Are there hidden fees when buying a home?

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Are there hidden fees when buying a home?

There are a variety of services required to close a real estate transaction and some fees that may apply. “Who pays what in a Highland Park real estate transaction” is dictated by the traditions and practices in each area, and varies from state to state (and even county to county). FHA and VA loans may also have some different rules and procedures. Here is a general guide to Highland Park area fees which covers most of Los Angeles. Remember, many items in the real estate contract are negotiable.

Highland Park Home Sellers

  • Real estate commission as specified in listing agreement or sales contract
  • Any applicable city, county or real property transfer taxes
  • The payoff of all loans in the seller’s name including:
  • Principal balance plus interest
  • Any demand, reconveyance or other fees
  • Prepayment penalties and preparation of documents
  • Any judgments, tax liens, etc. against the seller
  • Any unpaid property tax amount at the time of transfer
  • Any unpaid homeowner association dues
  • Any bonds or assessments (if specified in the contract)
  • Any delinquent taxes
  • Termite inspection and/or work (if specified in the contract)
  • Home warranty (if specified in the contract)
  • Notary fees, if applicable
  • One-half of the escrow or sub-escrow fees (if customary in your area)
  • Title insurance premium (if customary in your area)
  • Recording charges to clear all documents of record against seller

Peggy bank and hands

Who pays what in a Highland Park real estate transaction

Highland Park Home Buyers

  • Real estate commission as specified in the Listing Agreement or purchase contract
  • Loan charges as required by the lender, including:
  • Any loan origination fees or funding fees
  • Preparation of documents
  • Credit report, pre-paid interest and appraisal fee
  • Impounds for taxes and fire insurance (as required by the lender)
  • Termite inspection and/or work (if specified in the contract)
  • Other inspection fees (if specified in the contract or required by the lender)
  • Home warranty (if specified in the contract)
  • Any applicable city, county or real property transfer taxes (as specified in the contract)
  • Title insurance premium (if customary in your area)
  • Lender’s title insurance premium and endorsement fees as required by the lender
  • One-half of escrow or sub-escrow fees (if customary in your area)
  • Recording charges for all documents in the buyer(s) name

It’s important to remember many items in the real estate contract are negotiable. It’s wise to work with a savvy local Highland Park real estate team when planning to buy or sell real estate. Kendall and I work seven days a week and would love to hear from you. Don’t hesitate to call us up for advice!

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