Closing Costs

Some of the items associated with closing costs are:

Title Insurance Premium

Fee paid by an individual to insure he has a marketable title or, in the case of a lender, to insure their lien position. Fees vary depending on the company used.

If you are planning to resell within 1 year, with some title companies you can pay an additional 10% of the title fee at escrow's close. With this "binder-policy" , if you then sell within 1 year 100% of the original fee that you paid will be credited. This is an attractive plan for investors and relocation prospects.

Most companies offer a refinance rate which is 70% of base rate.

Short term rates (discounts) if a policy has been issued within 5 years. Rates and fees vary from company to company.

Real Estate Commission
Fee paid to a real estate broker for services rendered in listing, showing, selling and consummating the transfer of property.

Transfer and Assumption Charges
Fees charged by a lender to allow a new purchaser to assume an existing loan.

Recording Fees
Fees assessed by a county recorder's office for recording the document of a real estate transaction.

Loan Fees
Fees charged by a lender in connection with the processing of a new loan. These may include points, origination fee and credit report.

Escrow Fees
Fees charged by a title and/or escrow company for services rendered in preparing documents necessary in the consummation of a real estate transaction.

Additional settlement
Taxes, insurance impounds and interest prorations, termite inspection fees, tax prorations.

Title or escrow company personnel will review and explain your closing statement when you prepare to close your transaction. Planning to resell within 2 years? With some title companies you can pay an additional 10% of the title fee at escrow's close. Sell within 2 years and 100% of the original fee will be credited. The complete title fee cost? Just the 10% of the original title fee. This is an attractive plan for investors and relocation prospects. Refinance rate is 70% of base rate. (Short term rate does not apply). It's the big day. You go to the title company, sign your name on the dotted line hand over a check and prepare to take ownership of your new property.

For an estimate of fees specific to your property transaction, call Kennedy & Associates 707-884-9000 or email us at property@kennedyrealestate.com.