Home Buying Power by Marti Kilby

Author:Marti Kilby [Kilby, Marti]
Language: eng
Format: epub
Published: 2018-12-29T05:00:00+00:00

Buying a piece of property is not a simple transaction, and buyers are often surprised by the number of parties involved, who of course all need to be paid. But how is it determined who pays for what? What is a seller expense, and what will you, the buyer, need to pay?

Interestingly, who pays for what is often based on regional or state customs. My company, Steele Group Realty, is based in San Diego County, so we’ll examine expenses for a typical Southern California purchase transaction using the Residential Purchase Agreement developed by the California Association of REALTORS and an ALTA Final Settlement Statement as our guide. Typical closing costs in Southern California run 2–5% of the sales price. Understanding who pays for what, and even who chooses the different service providers, will vary from state to state and should be discussed with your real estate agent prior to writing an offer.

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