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What are closing costs?

Before committing to buy or sell a home in the Bay Area, it’s helpful to know what costs you might encounter along the way. Below is a breakdown of real estate closing and sale costs to help you better estimate how much it will cost to buy or sell a home.

But before looking at the breakdown below, it’s worth noting that there are two types of closing costs: Nonrecurring and Recurring.

Nonrecurring closing costs include the one-time fees that buyers pay only at the time of purchase. These can include:

  • Escrow fees
  • Title Insurance fee
  • Appraisal fee
  • Underwriting fee
  • Notary fee
  • Recording fee
  • Transfer taxes
  • Credit report acquisition fees
  • Mortgage origination fees
  • Processing fees
  • Home inspection fee
  • Recurring closing costs include any fees that will recur after the purchase of your home closes. These can include:
  • Prepaid interest
  • Property taxes
  • Hazard insurance
  • HOA dues
  • Mortgage insurance
Bay Area Closing Cost Examples

These numbers assume a $1,000,000 sale and are a typical representation of costs, but do not take into account all situations, such as all-cash closings. Transfer taxes in San Francisco, Alameda, Marin, etc. will also vary from these numbers.

Contact TREND anytime to get a better estimate of closing costs for your Bay Area purchase or sale.

Sales price $1,000,000  
Typical Selling Costs $ Amount* Notes
Commission – listing agency 30,000 2.5 – 3% of the purchase price
Commission – selling agency 30,000 2.5 – 3% of the purchase price
County Transfer Tax 1,100 In Santa Clara County, it is customary for sellers to pay for this.
1/2 of City Transfer Tax 1,650 In Santa Clara County, it is customary for buyers and sellers to split this cost. Only applies in Mountain View, Palo Alto, and San Jose.
Owner’s Title Insurance 2,500 In Santa Clara County, it is customary for sellers to purchase an owner’s title policy for the buyer.
Escrow Fees 600  
HOA document preparation fee 300 If applicable
Prorated HOA dues 550 If applicable
Document Prep Fee 125  
Courier Fees 60  
Wire Fee 25  
Notary Fees 60  
Natural Hazard Disclosure Report 150  
Optional Selling Costs    
These costs are discretionary, but usually highly recommended. A little money spent up front will be repaid, with profit, in the form of a higher purchase price. Your real estate agent can guide you on which repair and staging investments will yield the best pay off.
Optional Costs $Amount Notes
Inspections $500 – $1500 Depends on the number of systems to be inspected.
Repairs, painting, etc. $5,000 – $15,000+ This is the most highly variable expense, and depends on the condition of the property.
Staging $2,000 – $10,000+ Depends on size of home, how many room are staged, and how many months staging is installed.
*IMPORTANT NOTE: These amounts vary according to variables such as purchase price, brokerage, title company,  HOA, county, city, and contract.

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