The Escrow Process: Seller's Normal Closing Costs In Oakland

• Real estate commission
  Six percent of the selling price shared between the listing agent and the buyer's agent.
   
• City of Oakland transfer tax
  $15.00 Per $1,000 of the selling price (shared 50/50 by buyer and seller).
   
• County documentary transfer tax
  $1.10 Per $1, 000 of the selling price.
   
• Structural pest control inspection and clearance
  Before many lending institutions agree to provide a loan, it is often required that a licensed pest control operator completes termite work.
   
• Other structural repairs
  It is common in today's market that the seller share in the cost of or pay for structural maintenance on such items as fireplace repair, roof repair and furnace repair.
   
• Home protection plan
  A limited one-year insurance policy is often paid by the seller or split with the buyer, at a one-time cost of $285.
   
• Property taxes
  Buyer and seller each pay their prorated portion of the property taxes based on the close of escrow date.
   
• Seller lender costs
  These costs may include a fee to record the re-conveyance of the loan or a prepayment penalty.
   
• Miscellaneous fees
  Escrow document drawing, recording and notary fees are common.
   

sherrybenninger@grubbco.com

The GRUBB Co., 1960 Mountain Blvd., Oakland, CA 94611

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