Who Pays What in San Mateo County?
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The Seller can generally be expected to pay for :
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The Buyer can generally be expected to pay for :
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- Real Estate Commission
- Document preparation fee for Deed
- Document transfer tax ($1.10 per $1000 of sale price)
- City Transfer Tax (according to contract)
- Notary Fees
- Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer)
- Interest accrued to lender being paid off, statement fees, reconveyance fees, and any prepayment penalties
- Termite inspections and/or work (according to contract)
- Any judgments, tax liens, etc. against the seller
- Tax proration (for any taxes unpaid at time of transfer of title)
- Recording charges to clear all documents of record against seller
- Any unpaid Homeowners Dues
- Any bonds or assessments (according to contract)
- Any and all delinquent taxes
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- Title insurance premiums
- Document preparation (if applicable)
- Escrow fee
- Notary fees
- Recording charges for all documents in buyer’s name
- Termite inspections (according to contract)
- Homeowners association transfer fee (according to contract)
- All new loan charges (except those requires by lender for seller to pay – see note)
- Interest on new loan from date of funding to 30 days prior to first payment date
- Assumption/change of records fees for takeover of existing loan
- Beneficiary statement fee for assumption of existing loan
- Inspection fees (roofing, property inspections, geological, etc.)
- Tax proration (from date of acquisition)
- Home Warranty (according to contract)
- City Transfer Tax (according to contract)
- Fire insurance premium for the first year
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Note: On some FHA, VA, or other government-backed loans, the seller would pay some loan fees that the buyer cannot pay due to lender requirements
