Danielle Lazier

Seller Closing Costs: How to Calculate San Francisco Real Estate Sale Transfer Tax

If you are selling a home in San Francisco, you’ll encounter 2 major closing costs: sales commission and transfer tax. Transfer tax is the tax a City and County charges for the sale or transfer of real estate. Although technically negotiable, most often, as the Seller, you’ll pay this closing cost through the close of escrow. (One exception is the first sales of new construction when the Buyer typically pays the transfer tax.)

The amount of transfer tax varies by City and County. For example, in San Francisco, the transfer tax is as follows:

• For homes priced $250,000 to $1,000,000, the tax is $6.80/$1000 (of sales price).
• For homes worth $1-5 million, the tax is $7.50/$1000 (of sales price).
• For homes worth $5 million or more, it is $15/$1000 (of sales price).

As you can see, this is a hefty hunk of change and a major source of revenue for the City of San Francisco. One would think that given the current financial crisis, the Board of Supervisors would do all they can to encourage real estate sales rather than their current agenda of the opposite! But that, my friends, is another story.

For more info, click here for a chart of how to calculate Real Estate Transfer Tax by California City and County.

Tags: closing costs, seller closing costs, transfer tax

San Francisco Real Estate Closing Costs: Who Pays What?

Here’s a guide to closing costs. In other words, who pays what?

This list is a general guideline of charges and may not be wholly inclusive for your transaction.

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Tags: closing costs, real estate

Can you get my Tab? What are customary Closing Costs

Who Pays for What in San Francisco County

 

In San Franciso County, the Seller normally pays:	In San Franciso, the Buyer normally pays:
Real Estate Commissions	Title insurance premiums
Document preparation fee for Deed	Document preparation (if   applicable)
Documentary transfer tax	Escrow fee
Notary fees	Notary fees
Payoff of all loans in seller’s name (or   existing loan balance if being assumed by   buyer)	Recording charges for all   documents in buyers’ name
Interest accrued to lender being paid off,   statement fees, reconveyance fees   & any prepayment penalties	Termite inspection (according    to contract)
Termite inspection and/or work   (according to contract)	Homeowners association   transfer fee (negotiable)
Home warranty (according to   contract)	All new loan charges (except   those required by lender for   seller to pay – see note)
Any judgments, tax liens, etc.   against the seller	Interest on new loan from date   of funding to 30 days prior to   first payment date
Tax proration (for any taxes unpaid at the   time of transfer of title)	Assumption/change of record   fees for takeover of exising loan
Recording charges to clear all   documents of record against seller	Beneficiary statement fee for    assumption of existing loan
Any unpaid homeowners dues	Inspection fees (roofing,   property inspection, geological,   etc.)
Any bonds or assessments (according to   contract)	Tax pro-ration (from date of   acquisition)
Any and all delinquent taxes	Home warranty (according to   contract)
Note: On some FHA, VA or other   government-backed loans, the seller   would pay some loan fees that the buyer   cannot pay due to lender requirements.	City transfer/conveyance tax   (according to contract)
	Fire Insurance premium for the   first year

 

 

 

 

Tags: buyer closing costs, closing costs, real estate, san francisco county, seller closing costs