Seller’s typical costs:
— Natural Hazard Report price more or less than $80; NHD/Tax/Environmental Report costs more or less than $99
— Home Warranty: is typically a 12/13-month service contract designed to protect the family budget from unexpected, costly repairs on home systems and appliances. The price range from $260 to $575 based on 3 different level of coverage.
— Existing Encumbrances, for example, unpaid loan, lien or violation
— Pre-Listing Inspection, $200-$400+, according to property size
— Termite Report or Pest Inspection/Correction, $100 or less for inspection. Most of the inspector waive inspection fee if the owner pays for treatment.
— Transfer Tax (City/County Conveyance Tax): is a tax collected by the County Recorder when an interest in real property is conveyed. Its paid at the time of recording and is computed using the actual sales price. Most of the county charges $1.10 per $1000.
Many cities have levied an additional tax within their jurisdiction. For example, Culver City and Los Angeles add $4.5 / Pomona and Redondo Beach add $2.2 / Santa Monica add $3 / Richmond add $7 per $1000 for city tax
— Seller’s portion of Escrow fee and courier/delivery fees($75), document preparation($150), transfer fee, notary fee ($40), recording fee($15 or more ). Most of the escrow fee charge $2-$3 per $1000 plus base fee $250/$350
— Seller’s portion of HOA dues and property taxes
— Owner’s Title Insurance premium Title insurance protects against defects such as prior fraud or forgery that might go undetected until after closing and possibly jeopardize the new ownership and investment. It’s common that seller pays for buyer an owner’s title insurance policy, only once, at the close of escrow.
For a $500,000 house, you pay about $1,400 for basic or $1,500+ for additional protection. For a $1,000,000 home, basic protection costs about $2,184 or extra protection charges $2,400.
— Real Estate Commission for both listing & selling agents: more or less than 5% of the selling price
NET SHEET
Knowing how much you will NET from the sale is crucial in preparing for the next stage.
A Net Sheet is a simple tool that allows a seller to better understand the costs required to sell the property and shows approximately what the amount of the proceeds will be after all costs have been considered.
You can ask escrow officer for a Seller Net Sheet.