Hillsborough, Burlingame Luxury Homes Real Estate

Today I have a guest posting by Ellen Sanders, Vice President and Branch Manager of Old Republic Title Company in Burlingame.  Ellen has been an Escrow Officer for many years and is answering the question I posed to her, "What are my escrow fees likely to be when I close my escrow?"   I think this will explain why you need Title Insurance.

                                                                                                                                                                                                                                                                           

The purchase of a home is one of the most expensive and important purchases you will ever make.  You and your mortgage lender will want to make sure the property is indeed yours and that no one else has a lien, claim or encumbrance on your property.
 
Title companies work in advance and will indemnify you against loss under the terms of your policy and eliminate potential risks therefore prevent losses caused by title defects that may have been created in the past.
 
The SELLER can generally expect to pay for:
 

• Real Estate Commission
• All Loans plus interest and fees
• Any Judgments, Delinquent Taxes and Tax liens
• County Transfer tax in San Mateo County $1.10 per $1,000.00 of purchase price
• 50 % of City Transfer fee if applicable
• Natural Hazard Disclosure Report
• Any unpaid Homeowner’s, dues, assessments, document fees and demand fees
• Miscellaneous notary, overnight delivery, recording and drawing fees.

 
For a $750,000.00 sale the seller can expect to pay between $46,000.00 to $48,000.00 for closing costs.  Not including fees attached to loans, judgments or liens.  Many factors are involved in the exact amount.
 
The BUYER can generally expect to pay for:
 

• Title and Escrow Fees
• Inspections (property, roof, termite)
• Loan Charges and interest on the new loan. Impounds if applicable
• 50 % of City Transfer fee if applicable
• Fire Insurance Premium for the First Year
• Miscellaneous notary, overnight delivery, recording and drawing fees

 
For a $750,000.00 purchase the buyer can expect to pay between $3,500.00 to $4,000.00 for closing costs.  Many factors are involved in the exact amount.
While these are the “customary” fees paid by the buyer and the seller these and other costs are subject to change per your contract.  Be prepared to work closely with you real estate agent, mortgage broker and escrow officer to personalize your transaction.

For more information Ellen can be reached at Old Republic Title Company, 1409 Chapin Avenue, 3rd Floor, Burlingame, CA 94010.

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