Closing Costs

There are certain standard costs associated with closing the sale of a house. These fees normally are split between the buyer and the seller. However, the allocation of most of these costs is negotiable and varies depending upon the negotiated terms of the sales contract. Some are decreed by law to be the buyers or sellers.

As your real estate practitioner negotiates the sales contract for you, if he is worth his weight in gold, he or she will not only work to get the best sales price, he or she will also work to limit the number of closing costs for which you will be responsible.

Any high-quality practitioner will walk you through the closing costs, answering any questions you may have explaining which costs are decreed by law to be yours and which are negotiable.

Good Faith Estimate

If you are a buyer, you must, by law, receive a “Good Faith Estimate” of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. Your practitioner should be able to review the “Good Faith Estimate,” answering questions and highlighting missing costs and estimates he or she believes to be low or high.

Los Angeles Real estate & City Information