Learn What to Expect When it Comes Time to Pay Escrow Fees in California
When you are buying or selling a property, there are many steps that may not be entirely clear. We find that many people going through the escrow process are not clear on what it is for, why it works, or what they are supposed to do. We take care to provide as much information as possible so that you feel comfortable with the process. Keep reading to get the details on our escrow fees and then contact us at 310-378-2456 with any questions.
Escrow Fees and Who Pays Them
First and foremost, it is important to know what escrow fees are and who pays them. Put simply, an escrow fee is money that is paid to your title company or an attorney who is responsible for conducting your closing. In California, the party who generally pays escrow fees will vary from county to county. To find out for sure who is responsible for them, talk to your Realtor or attorney.
The Cost of Escrow Fees
Your escrow fees will vary based on who you work with. However, at Neighborhood Escrow we are happy to provide a clear outline of our escrow fees. They include:
- Buyer and Seller Base Fee: $250.00 Plus $2.00 per thousand of the Sales Price. Minimum Escrow Fee: $795.00
- Loan Tie-In Fee: $395.00 to buyer (includes in-house notary)
- Document Fee: $100.00 to buyer
- Delivery Fee: $75.00 to buyer (if applicable)
- Document Fee: $75.00 (Quitclaim Deed, Power of Attorney, if applicable)
- Demand Fee: $50.00 to seller for each Demand (if applicable)
- Wire Fee: $30.00 to seller (if applicable)
- Exchange Tie-in Fee: $150.00 (to party doing the exchange, if applicable)
- Note and Deeds of Trust: $150.00 each to buyer and seller (if applicable)
- Notary Fee: $150.00 to seller only (if applicable)
- Debt(s) Payoff Fee: $50 (per debt, if applicable)
- Processing 593 for Seller Withholding: $45.00 (if applicable)
As you can see, there are many fees labeled “if applicable.” You can expect that you will not owe all of these fees. The best way to find out what your fees are likely to be is to contact your Realtor, attorney, or escrow officer. Before the closing, we will have a clear outline of all escrow fees and their amounts so that you are not surprised on the day of the closing.
Do You Have Additional Questions About Escrow Fees?
If you have more questions about escrow fees or anything else in the escrow field, contact Neighborhood Escrow at 310-378-2456 now. We have the years of experience, commitment to our clients, and professional service you need.
