What are the closing costs when selling a Milpitas Home and the Price You pay when sellng your house in Milpitas.
Selling Your Milpitas Home - Costs and Fees
Generally this goes 2 ways. The Buyers Closing Costs and The Sellers Closing Costs. The process of selling a home involves several costs and fees. Local Real Estate Market and the local county customs might be a deciding factor on What are the closing costs when selling a Milpitas Home. For this reason alone I would strongly recommend that anyone considering selling a Milpitas home consult a local real estate professional for complete details regarding home selling closing costs. With that said, the information that follows is very general, but all of these items can be negotiated with the buyer.
Real estate commission
Real estate commissions is one of the costs that most sellers pay close attention to and one that tends to be misunderstood the most by sellers. While some sellers might cringe, most sellers will agree that this cost is well worth it when the agent net's you more than what you originally wanted for your home. Regardless of your position on this, it's still a cost that you need to consider when you ask yourself What are the closing costs when selling a Milpitas Home. This cost can range from $500 flat fee to 7% of the sale price.
Document preparation fee for deed
This is a deed-preparation service in conjunction with any pending real estate transaction. When property changes hands, deed-preparation success depends on what the title company finds on the title search. If a property's title (its ownership) can be determined successfully, the deed then can be prepared and conveyed (transferred). Title companies also legally record the deed to a property once it's been transferred formally to the buyer. This is generally a low cost service ranging anywhere from $30 to $300
Documentary transfer tax
This is a tax imposed by the County and/or City for the transfer of property. Depending on the location of the property. The County Transfer Tax is a standard of $1.10 per $1,000 of the sales price throughout the State. However, in Santa Clara County it is currently $1.65 for every $500 of full value of transfer. Also there are certain cities that also collect their own City Transfer Tax and those differ. More info on Santa Clara County and City transfer tax Here and get a better idea on What are the closing costs when selling a Milpitas Home
Any city transfer/conveyance tax (according to contract)
As mentioned above, but in Santa Clara County the city transfer tax or conveyance fee is currently approximately .55 for every $500
Any loan fees required by buyer's lender
At one point or another the local real estate market might turn into a buyers market, when it turn this will be a good option to offer a potential buyer looking to buy a home from a seller. The cost of this will vary depending on the buyers lender, but it might be anywhere from $200 to $2,000
Payoff of all loans in seller's name (or existing loan balance if being assumed by buyer)
This will only be know by the seller. Some examples of loans might be an Equity line of credit, a second mortgage, or any type of loan borrowed against the sellers home.
Interest accrued to lender being paid off, statement fees, re-conveyance fees and any prepayment penalties.
This is information that will most likely come from the sellers lender, each lender is different and will have a unique set of fees regarding interest, fees and or prepayment penalties.
Termite inspection (according to contract)
When selling a home it's always a good idea to have home inspection done prior to selling. Once a report is generated a seller will have a better idea on the condition of the home. This gives the seller to option to either fix any findings or sell the home as is as long as the findings are disclosed to the potential buyer(seller must still disclose even if any fixes had been made prior putting the home for sale) A termite inspection can cost approximately $200-$500 depending on the inspection company and the size of the home being inspected.
Termite work (according to contract)
If there's any work to be done. This will depend on the results of the termite inspection. Usually it there are any section 1 or section 2 findings the inspection report will have and estimated bid as to how much it will costs to repair any damage. This will vary depending on the findings.
Home warranty (according to contract)
A home warranty adds protection to the home appliances and other pieces of day to day functions in the home. This might include the air conditioner, heater furnace and even plumbing. Depending on the coverage and the company providing the policy this cost can be anywhere from $200-$600. If you don't have a home warranty at the time of the sale you might thnk about getting it. It might reduce any extra unforeseen expenses should any of these items fail during the sale. Find out more on home warranty prices here
Any judgments, tax liens, etc., against the seller
This is a cost that the seller should already know, but in some cases there might be some information that the seller is not aware, The best way is provide title and escrow company with a "Statement of Information" form so they can research if there are any liens against the seller that might also be attached to the property. Some examples of judgements or liens may be unpaid child support, unpaid utilities, mechanics liens, or legal claim from a previous collection company or creditor.
Tax proration (for any taxes unpaid at time of transfer of title)
If you have not paid your property taxes they will be pro rated at the time of sale. Depending on what time of the year you plan to sell, the taxes will be prorated to the upcoming tax schedule. The cost will depend on the value of the home. Currently Santa Clara County the tax is approx. 1.25% of every $100.Find out more about Santa Clara County property taxes here and get a better idea on What are the closing costs when selling a Milpitas Home
Any unpaid homeowner's dues
If you are selling a Townhome, Condo or A Home in a Newly Developed Tract there will usually be an Association Fee involved. Any unpaid dues will be part of the costs that will need to be paid.
Recording charges to clear all documents of record against seller
Title research might reveal some clouds on title that might need to be addressed, therefore there might be some additional documents that will need to prepared and signed for the seller to have a clean title to transfer to the buyer. An example would be a Quit Claim Deed. This cost will vary depending on the exact findings that are revealed during the the escrow and title reasearch. Any bonds or assessments (according to contract) This costs has to do mostly with the builders that built the sellers home. Usually it's a Mello-Roos Tax or Assesments generated from the builder and passed on to the homeowners to pay for street improvements, parks, local Fire House and so on. You should know if there is a special assesment on the property and this cost will vary from community to community. Find if your property is in a Mello-Roos Area Here and get a better idea on What are the closing costs when selling a Milpitas Home
Any and all delinquent taxes
Before a property is Sold any delinquent taxes against the property have to be paid. Find if your property taxes in Santa Clara County are current here
Notary fees
This cost vary depending on the title company, but a typical fee might be $30-$50 for seller documents.
Escrow fees (according to contract)
The cost of hiring the escrow company and doing business with them will vary from Escrow Company to the Escrow Officer. Depending on the home and type of sale in can be anywhere from $500 to $5,000 for an average priced home in Milpitas, CA.
Title insurance premium (according to contract)
Depending on the home commonly there are two types title insurance. CLTA (California Land Title Association) and ALTA (American Land Title Association). CLTA Title Policy is insuring against loss including attorney fees (up to the purchase price for as long as he owns the property) due to all matters of record, fraud and forgery, and it assures that title is being vested in the person shown on the policy.
ALTA Title Policy covers the same items as the CLTA policy as well as many additional risks such as unrecorded mechanic's liens, assessments, encumbrances, encroachments, easements, water rights, mining claims, patent reservations, conflicts of boundary lines, shortages in area access to and from the land and other visible matter, as the title company actually performs a physical inspection before it issues an ALTA policy. The cost of these two policies will differ, but a home with a sales price of approximately $700,000 is estimated to have a policy that will cost approx. $1,800. Find out more about Title Insurance Here and get a better idea on What are the closing costs when selling a Milpitas Home.
ALTA Title Policy covers the same items as the CLTA policy as well as many additional risks such as unrecorded mechanic's liens, assessments, encumbrances, encroachments, easements, water rights, mining claims, patent reservations, conflicts of boundary lines, shortages in area access to and from the land and other visible matter, as the title company actually performs a physical inspection before it issues an ALTA policy. The cost of these two policies will differ, but a home with a sales price of approximately $700,000 is estimated to have a policy that will cost approx. $1,800. Find out more about Title Insurance Here and get a better idea on What are the closing costs when selling a Milpitas Home. 
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