Preparing for Escrow Fees: Learn What They Are and Who Pays Them in Southern California
There are several procedures involved in purchasing or selling real estate that may not be completely evident. We discover that a lot of people going through the escrow process are unsure of its purpose, how it operates, or what they are expected to accomplish. To ensure your comfort with the procedure, we take effort to give you as much information as we can. For more information on our escrow fees, continue reading, and if you still have any questions, call 310-378-2456.
Escrow Fees and Who Is Responsible
It is crucial to understand what escrow fees are and who is responsible for paying them first. Simply put, an escrow fee is cash given to your title business or the lawyer in charge of handling your closing. In California, the party responsible for covering escrow costs varies by county. Speak with your Realtor or attorney to learn for sure who is in charge of them.
The Price of Escrow Charges
The escrow costs you pay will change depending on who you work with. However, Neighborhood Escrow is delighted to give you a detailed breakdown of our escrow fees. They consist of:
- $250.00 in Buyer and Seller Base Fee plus $2.00 for every $1,000 of the Sales Price. Escrow Minimum: $795.00
- Buyer’s $395 loan tie-in fee (including on-site notary)
- Documentation charge: $100 to buyer
- $75.00 is the delivery fee to the buyer (if applicable).
- (Quitclaim Deed, Power of Attorney, if applicable) Document Fee: $75.00
- $50.00 will be charged to the seller for each demand, if applicable.
- $30 wire fee payable to the seller
- $150.00 (to the entity performing the exchange, if applicable) Exchange Tie-in Fee
- $150.00 apiece for the buyer and seller (if applicable) for the note and trust documents
- $150 notary fee payable only by the seller (if applicable)
- Debt(s) $50 (per debt, if applicable) payoff fee
- Processing Fee for Seller Withholding on Form 593: $45.00
You’ll see that several costs are marked “if applicable.” You can anticipate that not all of these fees will be due. Contacting your realtor, lawyer, or escrow officer is the best method to learn what your fees are going to be. To avoid any surprises on the day of the closing, we will have a detailed explanation of all escrow fees and their costs before the closure.
Do You Have Any Other Questions Regarding Escrow Charges?
Call Neighborhood Escrow at 310-378-2456 right now if you have any additional inquiries about escrow costs or anything else related to escrow. We have the years of expertise, dedication to our customers, and skilled service you require.
