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Seller Transaction Costs – What To Expect
While some of the items below are negotiable and/or may not apply to every seller, typically, sellers can expect to pay for the following:
- Real estate agent/broker commissions
- Owners policy of title insurance
Title Insurance is usually obtained when real property is purchased.
The policy of title insurance insures the owner and/or the lender of ownership of the property. - One half of the sub-escrow fee charged by the title company for handling payoff funds
- One half of the base escrow fee, in addition to fees for handling payoffs, paying California Withholding tax, and document preparation.
- Documentary transfer tax for the County of Los Angeles – $1.10 per thousand based on the sales price
- City transfer tax based on the sales price:
- Los Angeles: $4.50 per thousand
- Santa Monica: $3.00 per thousand
- Malibu, Beverly Hills: -0-
- City report fees: Los Angeles $70.20, Santa Monica $234.46
- Retrofitting, carbon monoxide & smoke detectors, gas shut off valve and water heater strapping:
- Certificate of Compliance: Los Angeles – $15, Santa Monica – $50
- Natural Hazard Disclosure Report
- Termite inspection and Section 1 corrective work
- Payoffs of loans against the property (principal, accrued interest, statement fee, reconveyance fee)
- Judgements and/or liens against the seller
- Taxes and homeowners association dues (prorated and paid current)
- Homeowners association charges for documents and transfer fees
- Recording fees for grant deed, reconveyance, releases
- Notary fees
- Messenger fees
- California Withholding/Franchise Tax Board taxes (if you are not exempt)
- IRS Withholding (if you are a foreign person and are not exempt)
- The seller may agree to purchase a one-year home protection plan for the buyer
- Costs for repairs that buyer and seller agree on
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