|
|
|
Who pays for what in a real estate transaction varies from city to city. Most fees are negotiable, but often customs develop and become expectations. Here is what customarily happens in Alameda County:
Buyer Pays
Escrow Charges
Title Fees (owner's & lender's title insurance)
50% of County Transfer Tax (only in City of Alameda)
50% of the City Transfer Tax
Home Inspection
Loan Origination Fees
Appraisal Fee
Credit Report
Escrow Fee
Notary Fees
Prorated Property Taxes (from date of purchase)
Seller Pays
100% of the County Transfer Tax (except City of Alameda is 50%)
50% of the City Transfer Tax
Pest Inspection
Pest Repairs (Section 1 items)
Prorated Property Taxes (to Close of Escrow)
Reconveyance Fee
Notary Fees
Transfer Fees
All Loans balances secured by the property
Real Estate Commissions |
Every time a home is sold, the county and many cities charge a transfer tax. The amount of the transfer tax varies from city to city. The table below shows the transfer taxes in Alameda County as of May 2006. The taxes are calculated at the rate shown for every $1000 of purchase price.
|
Location |
Tax Rate |
|
Alameda County |
$1.10 |
|
Alameda City |
$12.00 |
|
Albany |
$11.50 |
|
Berkeley |
$15.00 |
|
Hayward |
$4.50 |
|
Oakland |
$15.00 |
|
Piedmont |
$13.00 |
|
San Leandro |
$6.00 |
|
Richmond |
$7.00 |
So to figure out how much transfer tax might be charged, let's look at a couple of examples...
1) A home purchased in Hayward for $800,000
County Tax 800,000 / 1000 = 800
800 x 1.10 = $880
City Tax 800 x 4.50 = $3,600
Total Transfer Tax: $880 + 3600 = $4,480
2) A home purchased in Oakland for $800,000
County Tax 800 x 1.10 = $880
City Tax 800 x 15.00 = $12,000
Total Transfer Tax: $880 + $12,000 = $12,880
As you can see, the amount of transfer tax a city charges can dramatically change your costs at close of escrow. Different cities have different customs for whether the seller or the buyer pay these taxes. Sometimes they are split between the buyer and the seller. This is a negotiable item on a residential purchase contract.
The actual taxes you are paying will be itemized on the closing statement you receive from your title company. You can request estimated closing statements in advance of the date you close escrow. It is a good idea to get this statement in advance and review it so you can prepare for closing and question any charges that you don't expect or don't understand.
|
Buying Services for East Bay Home Buyers
|
|
|
 |
Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.
In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.
Please contact me if you have any questions about buying a home in Alameda or elsewhere in California.
|
Below, select desired reports and complete the form provided.
|
You have not selected any of the above reports.
|
|