When you are buying a home in Valencia California, you are going to be tasked with paying
What are closing costs when it comes to buying real estate and homes? They consist of three things for a Valencia CA real estate home buyer.
As they consist of those three things for home buyers that are not only in Valencia CA but also in Santa Clarita CA, Los Angeles and within the other Cities in the United States.
During our REMAX of Valencia CA Crash Course on real estate and homes, held in our REMAX of Valencia CA offices, we go into a detailed explanation of how closing costs work and that they consist of.
During your real estate venture, you will see they consist of three things:
- Lenders Fee – What your lender is charging you to lend you the money to buy a home, condo or town home.
- Title Fee – As part of every real estate transaction, there is something called Title insurance. It is an actual insurance policy that protects you and your real property against “thief’s” wanting to say you owe them money when you do not. They attempt to enforce this ‘con’ by placing a lien on your home, condo or town home.
- Escrow Fee – When you are buying a home, condo or town-home in California, you are going to have the transaction go through a neutral third party known as escrow. The fee for this is typically 1% for the real estate seller and you, the real estate buyer.
While these closing costs can vary from 2-4% – they are typically around 3% or less of the purchase price of the home, condo or town-home you are buying.
They can be paid by the real estate buyer, but we do a great job at having them covered for our clients as being negotiated within their home purchase.
OMT – when you are ready do write an offer on a home you are wanting to purchase. Make sure you are having more than “verbal” comps given to you. We give our clients the “real deal” when it comes to providing sold and closed listings to compare them to.
In the business world – Verbal is nothing – Verbal is something that is unenforceable. Make sure your real estate agent gives you the comps and comparable listings via tangible items – something you can show if need be to others in your sphere of influence.