If you’ve been considering or are in the process of buying Lake Nacimiento real estate, it is important to take the closing costs into consideration when determining the actual cost of your new home. Closing costs, as they’re known in the industry, is a blanket term for all fees and costs due from the buyer and seller at the time of the property’s transaction. As an experienced Lake Nacimiento real estate agent, I believe that it’s of the utmost importance to any home buyer or seller to understand these costs, what they are for and what they cover so that there are no unpleasant surprises on the date of the closing. Whether you’re purchasing one of the homes on Lake Nacimiento or buying in the Heritage Ranch or Oak Shores communities, closing costs are an inescapable aspect of buying and selling real estate. However, there are always options available to minimize costs owed by you – Which can be discussed with your Lake Nacimiento real estate agent when you’re ready to take the plunge and make an offer or list your home! Here are a handful of typical fees that make up what we know as real estate closing costs:
-Escrow fees,
-The first year of homeowner’s insurance on the property,
-Title insurance for the mortgage lender,
-City, county and beyond transaction recording and notary fees,
-City and country property transfer fees,
–Lake Nacimiento real estate agent commission fees,
-Special assessments, liens against the property and/or property taxes for the upcoming year,
-Past due homeowner association or community management fees,
-FHA lender fees (if applicable)
While there can be other fees and costs that encompass your closing costs in addition to what is listed above, don’t let the costs associated with buying or selling a home be discouraging! Closing costs can vary, and are typically calculated to be between 1% and 3% of the property’s purchase price. Additionally, closing costs can vary even more when pursuing a short sale or bank-owned property. Contact Oak Shores Realty today with any questions about closing costs! We want our clients to be informed, educated and confident in their real estate decisions. We look forward to working together on buying, selling and everything in between!
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.