Selling a house is a complicated process that involves a number of different steps and fees. In California, there are a number of different fees that you will need to pay in order to sell your house. These fees can add up quickly, so it is important to be aware of them before you begin the selling process.
The most common fees that you will need to pay when selling a house in California are the real estate commission, the escrow fee, and the transfer tax. Depending on the condition of your home, there may be some repairs or credit request that come up after the buyer’s home inspection is completed. Do you have a septic tank that may need to be certified? Termite damage that hasn’t been repaired?
Moving can be expensive! Make sure to consider the cost of your actual move when calculating your expenses. These costs can vary depending on the distance that you are moving and the size of your house.
If you are planning on selling your house in California, it is important to be aware of all of the fees that you will need to pay. By understanding the true cost of selling a house
Breakdown of costs when selling a house in California
The real estate commission is typically six percent of the sale price, split between the buyer’s and seller’s agents.
Escrow and title fees are based on the sales price of your home. You can get an estimate from your realtor in Oceanside, CA before you list so you’ll know upfront what the cost will be.
The transfer tax is levied by the county and is determined by the sale price of the home. It is important to note that these fees can vary from county to county, so you should check with your county to get the exact amount that you need to pay.
While buyers normally pay for a home inspection, they’ll likely ask for any health and safety-related repairs or possibly a credit to cover the costs of these repairs. Depending on the types of repairs, costs can add up quickly, so it is important to factor this in when coming up with a budget for the selling process.
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Prorated items like property taxes and HOA fees will be included in your closing costs. These items will depend on the timing of your sale.
Liens on title like solar loans, second mortgages, HERO loans for upgrades you’ve done to your home will all need to be paid off prior to closing escrow.
Who pays for what when selling a house in California?
When selling a house in California, it is important to know who is responsible for paying the various fees.
Generally speaking, the buyer is responsible for their own closing costs such as an appraisal, loan costs, inspections, and their escrow fees.
The seller is usually responsible for the real estate commission and any repairs that are needed. The seller is also responsible for their own moving costs and any other expenses associated with the sale. It is important to note that the buyer and the seller can both negotiate who pays for specific fees when they enter into a contract.
If there are any fees that are not explicitly listed in the contract, it is important to discuss who will be responsible for them before the sale is finalized.
What are some ways to save on the costs of selling a house in California?
There are a few ways that sellers can save money when selling a house in California. First, if the house is in need of repairs or upgrades, it is important to get an estimate of the costs before listing the house for sale. Depending on the work that needs to be done, in many cases it’s smart to complete the projects before listing. Oftentimes, this can increase the value of your home and you may get a higher sales price.
It is important to compare fees and services in order to make sure you are getting the best deal. Finally, sellers can also negotiate with the buyer on which fees they are responsible for. This can help to reduce the overall cost of the sale.
Remember, when you sell your home, many of these costs are negotiable. It’s smart to have a professional with expertise in negotiation on your side.
Conclusion
Selling a house in California involves a number of different fees that can add up quickly. It is important to be aware of these costs before you begin the selling process in order to make sure that you can stay within your budget.
Additionally, it is also important to know who is responsible for paying the various fees associated with the sale. By understanding the costs and who pays for what, you can make sure that you are taking all the necessary steps to save money when selling a house in California.