Definition of Closing Costs:

Orange County Closing Costs:

These are the fees that an Orange County home buyer incurs in addition to the purchase price of a home. The fees include the excise tax (transfer tax), loan-processing and underwriting costs and title insurance that buyers and sellers pay at closing. Buyers and sellers can sometimes negotiate over who pays which fees. Typically, closing costs will amount to 2 – 3% of the purchase price. The buyer's down payment for the home must also be paid at closing in addition to the closing costs, but is listed separately from the closing costs.

Closing cost amounts vary depending on the buyer's loan program. The Good Faith Estimate provided by a lender is a fair estimate of the closing costs associated with the loan, but the final HUD-1 settlement statement received a few days before closing most accurately totals all the closing costs paid by both the buyer and the seller. In California the local option transfer tax is $.55/$500 for counties and the city tax rate is ½ the county rate ($250) and the city tax is allowed as a credit against the county tax.

 

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