Tips for Buyers and Sellers

In San Francisco real estate transactions, Sellers and Buyers are generally expected to pay for the following

SELLERS:

Real estate commission
Document preparation fee
Documentary transfer tax
City transfer/conveyance tax
Payoff of all existing loans secured by property
Additional Interest accrued, reconveyance fees and any prepayment penalties
Termite work (according to contract)
Home warranty (according to contract)
Any judgments, tax liens, etc., against the seller
Recording charges to clear all documents of record against seller
Property Tax pro-ration (for any taxes unpaid at time of transfer of title
Any unpaid Homeowner’s dues
Any and all delinquent taxes
Notary fees
Any bonds or assessments (according to contract)
Energy/Water Conservation Compliance

BUYERS:

Buyers’ Title insurance premiums
Escrow fee
Documentation preparation (if applicable)
Recording charges for all documents in buyer’s names
Property Tax pro-ration (from date of acquisition
Property inspections
Homeowner’s transfer fee (according to contract)
All new loan charges
Home warranty (according to contract
Interest on new loan from date of funding to 30 days prior to first payment
Assumption/change of records fees for take over of existing loan
Beneficiary statement fee for assumption of existing loan
Payment to escrow for home owners insurance premium

PROPERTY TAX INFO:

The State of California property tax year is July 1st through June 30th
Property tax collected by each county is payable in two installments:
First payment due November 1, delinquent December 10th
Second payment due March 1, delinquent April 10th
The Property Tax Rate for the City and County of San Francisco is currently set at 1.1880% of the assessed value for 2014-15. The assessed value is initially set at the purchase price. The tax rate changes every year.