Money Matters

So what expenses can you expect when it comes to selling your home?  Aside from the money you budget to prepare your home for the market, the major expenses are incurred at closing.

Closing Costs

So who pays what? Closing cost customs can vary from county to county here in the San Francisco bay area. Some cities – like Palo Alto, Mountain View, and San Jose – assess a city transfer tax in addition to a county transfer tax.  In most areas where the city does not assess an additional transfer tax, the country rate is $1.10 per $1,000. Below are the closing cost customs by county.

Santa Clara County
  • Seller pays:  Country Transfer Tax, Escrow Fees, Title Insurance, Broker’s fees
  • Buyer pays:  Recording fees, Lender’s Title Policy.
  • 50/50:  City Transfer Taxes (Only Mountain View, Palo Alto, and San Jose at $3.30 per $1,000)
San Mateo County
  • Seller Pays:  County Transfer Tax, Broker’s Fees
  • Buyer Pays:  Recording Fees, Escrow Fees, and Title Insurance (both buyer’s title policy and the lender’s)
  • 50/50:  City Transfer Taxes (San Mateo assess a city transfer tax at $5.00 per $1,000)