In California Who Pays What is determined by local custom. Traditionally Northern California pays fees one way while Southern California has a somewhat different fee tradition. Of course, all the fees are negotiable and can be changed by the purchase contract. Below is a list of who pays which fees in Southern California.
The SELLER can generally be expected to pay for:
Real estate commission
Owners title insurance policy
1/2 of the sub-escrow fee
1/2 of escrow fee
Document preparation fee for deed
Documentary transfer tax
Transfer or conveyance tax
Loan fees required by buyer's lender (FHA/VA)
Payoff all loans against property
Seller's lender being paid off
Interest accrued
Statement fees
Reconveyance fees
Prepayment penalties
Termite inspection (according to contract)
Termite work (according to contract usually section 1)
Home warranty (according to contract)
Any judgements, tax liens, etc., against the seller
Tax proration (for any taxes unpaid at the closing)
Any unpaid homeowner's dues
Recording charges to clear all documents of record against seller
Any bonds or assessments (according to contract)
Any and all delinquent taxes
Notary fees
The BUYER can generally be expected to pay for:
Lenders title insurance policy
1/2 of the sub-escrow fee
1/2 of escrow fee
Document preparation (if applicable)
Notary fees
Recording charges for all documents in buyer's name
Tax proration (for any taxes unpaid at the closing)
Homeowner's transfer fee
All new loan charges (except FHA/VA loans)
Interest on new loan from date of funding to 30 days prior to first payment date Assumption or change of records fee on existing loan
Termite work (according to contract usually section 2 )
Home warranty (according to contract)
Fire insurance premium for first year
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