Closing Costs

Some of the items associated with closing costs are:

Title Insurance Premium
Fee paid by an individual to insure he has a marketable title or-in the case of a lender-to insure their lien position. Fees vary depending on the company used.

If you are planning to resell within 1 year, with some title companies you can pay an additional 10% of the title fee at escrow's close. With this "binder-policy" , if you then sell within 1 year 100% of the original fee that you paid will be credited. This is an attractive plan for investors and relocation buyers.

Most companies offer a refinance rate which is 70% of base rate. Short term rates (discounts) if a policy has been issued within 5 years. Rates and fees vary from company to company.

Real Estate Commission
Fee paid to a real estate broker for services rendered in listing, showing, selling and consummating the transfer of property.

Transfer and Assumption Charges
Fees charged by a lender to allow a new purchaser to assume an existing loan.

Recording Fees
Fees assessed by a county recorder's office for recording the document of a real estate transaction.

Loan Fees
Fees charged by a lender in connection with the processing of a new loan. These may include points, origination fee and credit report.

Escrow Fees
Fees charged by a title and/or escrow company for services rendered in preparing documents necessary in the consummation of a real estate transaction.

Additional settlement
Taxes, insurance impounds and interest prorations, termite inspection fees, tax prorations.

For an estimate of fees specific to your property transaction, call Kennedy at Kennedy & Associates at 707-884-9000 or email property@kennedyrealestate.com.