Buyers Closing Costs : Conventional Loan
The following is an example of fees/costs that a Buyer can expect to pay when purchasing a home with Conventional Financing:
Escrow Fees:
All Inclusive Escrow Fee, $2.50/$1,000 of sales price plus $595.00
Notary Fees $15 per signature, plus travel fees if applicable
Minimum Escrow fee $1,750
Title Fees:
Lenders Title Policy (see title chart/ALTA policy – charges vary from company to company)
Sub Escrow Fee ($65.00)
Endorsement Fee ($150.00 – $200.00)
Recording Fees*:
Grant Deed ($25.00)
Deed of Trust ($85.00)
Misc. Recording Fees (Quitclaim deed, etc. $20.00)
Title Company Wire Fee ($35.00)
*As of January 1, 2018, Recording Fees may be subject to a $75 fee per document (Senate Bill2)
Other Fees/Charges
Homeowners Association Fees, if any
Prorations/Impounds
Fire Insurance (get quote from insurance agent)
Flood Insurance (ordered only if required by lender)
Lender/Mortgage Broker Fees*
Loan Origination Fee (1% of loan amt. or ask lender for quote)
Loan Discount (1.5% of loan amt. or ask lender for quote)
Appraisal Fee ($350.00 – $800.00)
Credit Report ($50 – $60.00 per person on new loan)
Processing Fee ($250.00 – $700.00)
Underwriting Fee ($350.00-$700.00)
Lender’s Inspection Fee ($75.00-$150.00)
Document Preparation Fee ($250.00 – $500.00)
Tax Service ($75.00)
Flood Certification ($25.00 – $75.00)
Wire Fee to Lender ($25.00 – $100.00)
Prepaid Interest (Int. rate x loan amt. ) 12 ) 30 = per diem x # of days used Max. 30 days)
*(contact your lender for an exact quote of lender charges)
Note: The above information is only an approximate estimate of fees that a buyer may be required to pay and cannot be guaranteed. Fees will vary depending on the type of transaction or loan a Buyer is entering into. This information is designed to assist the Buyer in estimating costs. For a more precise estimate of lender charges contact your lender. Be aware that lender, title company and escrow charges vary from company to company.
Sellers Closing Costs – Conventional Loan
The following is an example of fees/costs that a Seller can expect to pay when selling his home to a Buyer who is applying for Conventional Financing:
Seller’s Loan Payoff:
Principal (remaining balance due on existing loan)
Interest (1 month payment)
Payoff Statement/Demand Fee ($50.00 per loan)
Reconveyance Fee ($50.00 per loan)
Prepayment penalty, if any (see existing Note)
Recording fee for release ($25)
Title Company Fees:
Policy of Title Insurance (see title company chart/Owners policy)
Payoff Fee to Title Company (sub escrow fee) ($65.00)
Recording Fees ($25.00 – $40.00)
Documentary Transfer Tax ($1.10/$1,000; Los Angeles City properties add $4.50/$1000)
Escrow Fees:
All Inclusive Escrow Fee $2.50/$1,000 plus $595.00
Notary Fees paid to Notary $150.00 max
Minimum Escrow Fee $1,750
Termite Company Fees:
Termite inspection only ($65.00 plus repairs)
Termite completion/repairs
Homeowners Association, if any:
Homeowners Dues (monthly HOA amount)
Transfer Fee ($150.00 – $550.00)
HOA Doc Fee ($100.00 – $300.00)
Other Charges:
Home Warranty ($350.00 plus add’l features)
Property Hazard Disclosure ($49.00 – $120.00)
Withholding for Franchise Tax Board 3.33% of sales price (Investment Property)
Prorations
Real Estate Broker Fees:
Service Fee/Commission (6%)
Transaction Coordinator Fee ($350.00 – $500.00)
Note: The above information is only an approximate estimate of fees that a Seller may be required to pay and cannot be guaranteed. Fees will vary depending on the type of transaction the Seller enters into; FHA, VA, Conventional etc. This information is designed to assist the Seller in estimating costs. Be aware that lender, title company and escrow charges vary from company to company.