As a home seller in Ventura County it is critical to be informed about and to be conscious of your closing costs. Understanding your closing cost helps determine many factors in the final sale price of your Ventura County home. Closing costs directly impact the biggest factor of all: the absolute lowest price you are willing to sell your home in order to obtain your goal. Both parties in a home sale transaction (home seller and home buyer) incur some costs. These costs are all negotiable and are governed by the local laws and local real estate regulations.
Closing costs for home sellers are the expenses associated with the sale of their home. At the end of escrow the closing cost amount is subtracted from the final sale price of your home. As a home seller you may even arrange in the purchase contract to pay for the buyer’s closing costs. No matter what you decide to do, it is important to know all closing costs and keep in mind that the delegation of your closing expenses are negotiable.
Below is a list of some of the typical expenses associated with the sale of your home in Ventura County:
- Paying off the remaining balance of your loan and any fees or penalties associated with your loan payoff. During escrow the escrow officer will contact your lender to get the exact amount of your loan.
- Title insurance to insure a clear title on your property. The amount of your title insurance depends on the sale price of your home.
- Brokers’ commission. It is typical for home seller to pay for both brokers, your broker and the home buyers’ broker.
- Transfer taxes which are governed by local laws.
- Escrow fees. Some home buyers may negotiate for you to pay for a portion or all of their escrow fees.
- Prorated property taxes, depends on when you sell your home in the tax year.
- Pest control inspection and the cost of any work that may need to be done.
- City or county transfer fees. Some cities in Ventura County do not require a transfer fee.
- Home warranty plan. Some home sellers purchase a one year home warranty or home protection plan for the home buyer.
- Homeowner association transfer fees and documentation fees (if applicable).
- Notary fees, messenger fees, and other miscellaneous fees.
It is important to realize that many of the fees mentioned above are negotiable and can all be outlined in the purchase agreement between the home seller and the home buyer.
If you have any questions with regards to your closing costs please feel free to contact me, Mana Tulberg: 805-443-8898.
