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Today, we want to share some information you'll surely find helpful. There are some costs associated with buying or selling real estate in the Temecula/Murrieta area that we want to clue you in on.
If you haven't sold a house in the last couple of years, one unexpected cost that might pop up is an up-front payment for your Homeowners Association documents. In the past, that was paid during escrow or at the end of escrow, but now the HOA companies are having you prepay that up-front to generate those documents. Typically, the price is around $300-$400, but we've seen some reach as high as $900, so be aware of this fee!
You might also have to pay private transfer taxes that trigger up the sale of a property. We live in the Harveston area, which has a Community Enhancement Fee that calls for a transfer tax each time a home is bought or sold that goes to a charitable organization in the area. The transfer tax is one quarter of 1%, so out here it could be anywhere from $700 to a little over $1,000.
If you're a buyer who is getting a loan to purchase your next house, your lender will probably ask you to have an impound account. The impound account consists of money you have to pay up-front for your taxes and insurance. It's typically six months of taxes and a whole year's premium on your homeowners insurance. Have that money ready! If you're running low on funds or can't afford to have all that an impound account calls for, reach out to us and we'll help you with that.
If you have any questions about real estate, or if you need real estate assistance of any kind, we're your team! We would love to help you in any way possible!
