Showing posts with label sell a house alabama crimson. Show all posts

Saturday, January 20, 2018

Tips to Sell Your Apartment Building faster

Sell Your Apartment Building – FAST!

An Interview with Jeff Mack of AmeriRecovery

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Jeff Mack buys rental properties from sellers who are in a hurry- often in a quickly as 24 hours. In this interview, he explains more about his business model, and his views on the real estate economy :

Q. When would a seller come to you?

A. In life, sometimes we have to do things in a hurry – not always what we want to do, but what we need to do. Maybe it’s a personal issue like a divorce, or perhaps it’s a purely economical decision. Sometimes, they just want to stop losing sleep over it. We often close in twenty-four hours, which does a lot for a person’s peace of mind!

Q. Are you a real estate broker?

A. No. I work with a private investor. We don’t work with brokers, so the seller doesn’t incur the costs of advertising and marketing. There’s no long-term listing contract.

Q. How do interest rates affect your purchase?

A. They don’t. We don’t finance through a bank – that’s why we can move quickly. As any frustrated seller knows, there are a hundred ways to lose a deal over financing. It’s also hard to weed through prospects for a qualified buyer. We don’t have to deal with any of that.

Q. How do you chose the right properties?

A. Experience has helped us develop a formula for picking the right property. It has to be in good condition, not MLS listed and in a low crime area. We work with properties that have at least two apartments.

Q. How does the economy play into your decisions?

A. That’s a sweeping question, especially for a real estate fanatic like myself. It’s that old “know when to hold ‘ em , know when to fold ‘ em ” thing. I know how to read the economy – I do my research. For instance, I know that more money is invested in real estate than all the other equity markets combined. The recent seven-year run up in real estate from 1998-2005 created the greatest bonanza in land values in our nation’s history. But easy money and credit produces investment winners and losers. The recent subprime loan implosion is such an example. I could probably write an entire article on these points alone!

To talk more with Jeff Mack, call 1-888-544-0407

Any info on buying for little or nothing down? I have had some limited success with this but need to learn more

Talk to Alan Jones. He may be able to help, or point you in the right direction. Alan can be reached at 913-322-2780.

Nice interview. I have been buying homes for 8 years and am now buying apartment buildings as well. However, I will buy in not so great neighborhoods if the price is right.

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Tuesday, January 16, 2018

Selling a Michigan Home: What Are My Disclosure Obligations

Selling a Michigan Home: What Are My Disclosure Obligations?

Putting your house on the market in Michigan involve providing specific written information to buyers about the house's physical condition.

Before selling residential property in Michigan, a seller is required by law to tell the prospective buyer certain things about the property’s physical condition. (This comes from the Michigan Seller Disclosure Act 92 of 1993).) As a seller, you must disclose this information by completing a written disclosure statement and giving it to the buyer. (Mich. Comp. Laws Ann. § 565.951).

This information will help the buyer to make an informed decision as to whether to purchase the property and on what terms. It is important that you comply with these requirements, as failure to do so will allow the buyer to cancel the sale of the property or later sue you for fraud, if he or she discovers defects that you knew of but didn’t disclose.

Property Covered by Michigan Disclosure Regulations

The average home seller will need to fill out the disclosure form if selling residential property consisting of between one and four units. This would include, for example, a single family home or a larger building that contains up to four apartments. You must also comply with these requirements whether you are selling by a typical sale (through deed), property exchange, land contract, option to purchase agreement (including lease with option to purchase), ground lease, or a transfer stock or interest in a residential cooperative. (Mich. Comp. Laws Ann. § 565.952).

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Exceptions to the Michigan Disclosure Requirements

In some limited circumstances, sellers are not required to comply with the disclosure law. The exceptions include:

transfers pursuant to court order, including by probate, a writ of execution, foreclosure sale, those made by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance

transfers to a mortgagee or beneficiary of a deed of trust by a mortgagor or trustor in interest who is in default

certain transfers by a sale under a power of sale or a decree of foreclosure

certain transfers in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust

transfers between cotenants

transfers made to a spouse, parent, grandparent, child, or grandchild

transfers between spouses resulting from a judgment of divorce or separation

transfers to or from any governmental entity, and

certain transfers of newly constructed residential property that has not been inhabited.

(Mich. Comp. Laws Ann. § 565.953 (a) – (i).)

Filling Out the Michigan Disclosure Statement

Michigan requires sellers to use a particular standardized form for property disclosures, called the “Seller Disclosure Statement.” (Mich. Comp. Laws Ann. § 565.957). The form is essentially a checklist asking you to indicate the condition of various features of the property (such as appliances, roof, basement, and HVAC systems) and known problems affecting the property (such as encroachment issues, environmental issues, and pending legal issues).

While some states have specifically addressed whether sellers must disclose whether a property is “stigmatized” (by death, murder, infectious disease, and so forth), Michigan has not yet specifically addressed this issue. The disclosure statement does not include this information, and instead generally limits disclosures to the physical condition of the property.

If you have a question as to whether you should disclose a particular issue, however, it is generally best to disclose than not. Otherwise, the buyer may be permitted to cancel the agreement, or perhaps worse, may one day pursue a claim against you for fraud.

You are required to present the disclosure statement to the prospective buyer or the buyer’s agent prior to signing a purchase agreement (or sales contract). (Mich. Comp. Laws Ann. § 565.954 (1)). Complying with this timing requirement is crucial, because the buyer may terminate the purchase agreement if you deliver the statement late, after signing the purchase agreement. (Mich. Comp. Laws Ann. § 565.954 (3)). In that case, your property sale will not occur.

It is customary, and general good practice to provide the disclosure statement early, for example, at open houses or when showing the property to prospective buyers. That way, you will avoid the possibility of buyer termination under this provision.

Limits on Information Michigan Home Sellers Must Disclose

The Michigan disclosure statement requires that you disclose only information about the property that you actually and personally know. (Mich. Comp. Laws Ann. § 565.956). In other words, you are not required to perform any investigation of the property in order to complete the form, and you are not responsible for reporting issues that you “should have known,” but did not know.

If you do not know certain information requested on the form, you may satisfy the disclosure requirements by checking the “unknown” box on the form. If conditions on your property change after you’ve delivered the statement to a prospective buyer -- for example, the roof springs a leak -- you should amend the disclosure statement in writing as soon as possible. (Mich. Comp. Laws Ann. § 565.962).

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There may be situations where the information you enter on the form will have come not from your own knowledge, but from what you learned from public agencies or professionals contracted to inspect the property. In such cases, you are not liable for any error, inaccuracy or omission in the information they gave you, unless you were aware of contradictory information. (Mich. Comp. Laws Ann. § 565.955 (1) – (3).)

What Happens to Sellers Who Violate Michigan’s Disclosure Requirements

If you violate Michigan's disclosure law, for example, by failing to provide a complete written disclosure or intentionally misrepresenting information, the buyer may cancel your purchase agreement prior to the closing. (Mich. Comp. Laws Ann. § 565.954 (3)). Or, if the closing has already occurred, the buyer may pursue legal action against you for fraud on the basis of misrepresentation or omission. (Roberts v. Saffell, 760 N.W.2d 715 (Mich. 2008).)The buyer may also separately sue you for fraud or misrepresentation, without relying on the disclosure laws. (Mich. Comp. Laws Ann. § 565.961).

If you are represented by a real estate agent or broker, the agent is not liable under the disclosure requirements unless acting with you in bad faith. (Mich. Comp. Laws Ann. § 565.965).

Additional Information on Michigan Disclosure Requirements

If you have a specific question about disclosure requirements, want to get the very latest news about developments in Michigan’s disclosure laws, or find yourself in situation where you need help, please consult an experienced local real estate lawyer. These laws can be complicated, and are best interpreted by professionals who handle such matters every day.

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Wednesday, January 10, 2018

What Do I Need to Know to Sell My House Without a Real Estate Agent, Home Guides, SF Gate

What Do I Need to Know to Sell My House Without a Real Estate Agent?

Selling your home without a real estate agent doesn't have to be difficult.

Have you ever thought about selling your house without using a real estate agent? While most of us would love to save the commission, the selling process isn’t easy. However, if you’re willing to invest the time and effort to do it, you could be handsomely rewarded for your efforts. It requires research, aggressive marketing and putting together a team of experts to help you get the job done.

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Knowing how to price your home correctly is the single most important factor in getting your home sold. Price it too high and no one will bother looking at your home. Price it too low and you’ll leave money on the table. Visit the local property appraiser’s website to see how much money similar homes have sold for in the past several months. To get a feel for current asking prices, visit homes currently listed in your area and check out listing websites such as Realtor.com. Keep in mind that asking prices are just that—what the seller is asking for. Pay closer attention to recently sold homes to get the most accurate pricing information.

Preparation

Your home needs to look its best in order to command top dollar. Not only will it sell for more, but it will also sell faster if it looks sharp. Add a fresh coat of paint inside and out, put down fresh mulch and landscape the yard neatly. Pay close attention to the front door area: a shiny new doorknob and accessories will make a great first impression. Inside, clean everything from top to bottom and clear any clutter from the rooms and closets. Arrange furnishings to make the rooms feel open and welcoming.

The objective of marketing is to make sure as many people as possible know that your home is for sale. Start by taking lots of flattering photos inside and out. Create an attractive flier and distribute it widely. Put a sign and flier box in the yard and hang notices at the library, at the grocery store and on community bulletin boards. Post a classified ad in your local newspaper and on online classified websites like Craigslist. Also, tell everyone you know that the home is for sale; you never know who might know a buyer.

It’s imperative that you use the right paperwork in a home sale transaction. You need to protect yourself and stay on the right side of the law, so it’s a good idea to consult with an attorney to ensure that you have a good contract and all the necessary legal disclosures.

Once you have a buyer under contract, you’ll need to begin preparing for the closing. A good closing company will help with all the details leading up to closing day. It will contact your buyer’s lender to coordinate funding the loan, it will prepare a settlement statement and other necessary documents and it will draw up a title insurance policy. It’ll also take care of recording the deed and other paperwork to transfer ownership to the new buyer.

References (2)

Resources (1)

About the Author

Jennifer McAllister has written professionally since 1985. She's written for print publications including "The Parent Pages" and "The Longboat Observer," as well as online destinations like Gadling. A registered nurse and licensed real estate broker, she holds an Associate of Science degree in nursing from the State College of Florida and a Bachelor of Science degree in general business from the University of South Florida.

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Friday, January 5, 2018

How to Sell a Home in Texas

Selling a house in Texas can be simple as long as you understand the process, prepare your home to sell and ensure the right papers are ready to be signed. You can sell the home on your own but it is better to be represented by a real estate agent or lawyer.

Prepare your home for sale. If there are any repairs needed, such as replacing woodwork or painting, then be sure to finish it before showing it to an appraiser and opening for general viewing. First impressions are very important to a home buyer and an appraiser. Make sure the outside and the inside are in the best condition that you can afford. Make sure windows, curtains and blinds are clean. Spray the home with a fragrance or air freshener. Make sure there is plenty of light inside the home during the day by drawing open the blinds and curtains. Make sure lights are on if showing the home at night.

Hire a realtor. In Texas it is very important to have a person representing you as the seller. Along with making the buyer feel more at ease, the real estate agent will act as your communicator with the potential buyer. The realtor will draw up figures for you and some of the legal paperwork for both parties. For instance, one of the papers that is needed to sell a house in Texas is the Seller's Disclosure of Property Condition Notice. This will explain any problems, recent maintenance and any defects with the home so that the buyer is aware of the house's condition.

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Decide how much you want to sell the home for. Your real estate agent will draw up the amount that other homes have sold for in your neighborhood. There are usually room sizes and other features that will be included in the information about the home. You will be able to decide on a price to sell the home for. It will depend on what added features you may have compared to the other homes such as a pool. You will also need to figure into the price what improvements are needed compared to the other homes.

Have your home placed on the housing market. Your realtor will place it on a listing of homes for sale that potential buyers will learn about through their real estate agents. You will then receive bids and you can accept or reject the offer. If you reject the offer, then your agent will send your counter-offer to the buyer's agent. The buyer will decide whether or not to agree with the amount. If the buyer doesn't want to pay as much, then you can write up an agreement called the Liquidation Damage Clause. In Texas, this is to protect the seller by keeping money that was put down in good faith if the buyer backs out of the deal. There are a few exceptions in this case; the main one would be if the buyer doesn't pass requirements for a loan. In this case, they didn't decide to back out, the lender wouldn't allow them the opportunity to buy it.

Once a bid is accepted, then the house is appraised. The fee for this goes into the closing costs for which the buyer is responsible.

Go for signing and close on the home. Once a buyer agrees on the price you are offering and finds a lender to give him a loan, then you wait for the underwriters to finish their paperwork. When the paperwork is complete, the seller and buyer will sign the title. In Texas, the title can have a few stipulations that the buyer may not agree to such as a lien that is decided upon their lender. Therefore, it is best to bring the realtor or a lawyer to the signing of the title of the home for both parties. For closing, Texas requires the seller to pay transfer taxes, any left over property taxes, a third of the cost for appraisal, a title transfer tax and pay the agent's commission.

Finish selling your home. In Texas, the seller is not allowed to back out of selling the home once the contract is signed with the realtor. This agreement is called specific performance, which binds the seller to the contract to sell and must follow through unless she cannot find a buyer.

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Pros - Cons of Selling a Home on a Land Contract, Home Guides, SF Gate

Pros & Cons of Selling a Home on a Land Contract

A land contract can be a good way to sell real estate.

Land contracts, also referred to as contracts for deeds, are a form of seller financing. When you sell your home on a land contract, the buyer executes an agreement with you to make monthly payments toward eventually earning ownership of the property. While land contract installment sales can be an excellent way to turn a piece of real estate into a tax-advantaged income stream, they also have certain drawbacks.

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Faster and Easier Closing

When you use a land contract to sell your property, you do not have to go through a bank's underwriting and closing process. This means that the buyer avoids applying and qualifying for a loan, your property avoids being appraised, and you can skip the use of certain closing services. A land contract not only speeds up the transaction, but also saves both parties money.

Ongoing Cash Flow

A land contract turns your property into a cash-flow stream. Until the buyer pays off the contract, you'll collect monthly payments of principal and interest. In the case of an interest-only contract, you'll receive monthly interest payments only with a large principal balloon payment in the future. This arrangement can be an excellent way to turn an expensive piece of property into a tool to support your lifestyle.

Capital Gains Tax Deferral

Land contracts save you from getting a large lump sum of cash at closing. Typically, any gains in your sale proceeds are going to be subject to capital gains taxes. With a land contract, you take a little bit of gain every month and, as such, spread your gain out over time. While this is usually a benefit, if the capital gains tax rate goes up, you could end up paying more taxes by extending the life of the payments out.

Limited Ability to Reinvest Proceeds

Often, the key drawback to a land contract is that the agreement ends at a certain point. When you sell your house for cash, you can reinvest the proceeds into other investment vehicles which could, theoretically, earn you money indefinitely. When the buyer pays off the land contract, though, your payment stream stops, you cease earning income, and you do not have that capital anymore.

Long-Term Exposure to the Buyer and the Property

The other drawback to a land contract is that it leaves you tied to the property. If the buyer stops making her payments, you end up being in charge of it again. You also could lose the property if the buyer fails to insure it properly or pay her property taxes. With this in mind, you need to have a strongly-written contract to protect your interests.

References (1)

About the Author

Solomon Poretsky has been writing since 1996 and has been published in a number of trade publications including the "Minnesota Real Estate Journal" and "Minnesota Multi-Housing Association Advocate." He holds a Bachelor of Arts, cum laude, from Columbia University and has extensive experience in the fields of financial services, real estate and technology.

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Wednesday, January 3, 2018

What Happens During Closing When a House Is Sold for Cash? Budgeting Money

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What Happens During Closing When a House Is Sold for Cash?

by KC Hernandez

Buyers forgo exhaustive stacks of paperwork at the closing table when paying cash.

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What takes place during closing when a house is sold for cash resembles what takes place when you involve mortgage financing. Bypassing the often drawn-out and document-intensive home loan process has its perks, however. You have the chance to close more quickly -- and as a seller, you can proceed with more peace of mind knowing that your buyer has the money on-hand to close.

Check Yourself

Informed sellers ask buyers to prove they can afford to pay for a home in a lump sum at closing. By requiring proof of funds before accepting an offer or upon offer acceptance, you confirm fund availability. Checking for funds usually involves reviewing the buyer's bank, money market or other investment account statements for the total amount of funding needed to close. The earnest money deposit also serves as reassurance. The deposit, which is typically due within days of offer acceptance, usually ranges between 1 percent and 2 percent of the sale price, but negotiations determine the final figure.

Cash is Not King

Cash deals actually involve payment by certified funds. Coming to the closing table with a wad of bills or a briefcase with stacks of cash won't help the sale close any faster. In fact, literally paying for a home in cash violates the Real Estate Settlement and Procedures Act, which governs the formal closing process. The escrow holder requires an electronic funds transfer -- a wire -- or a cashier's check at closing for the sum of the sale price and the buyer's closing costs.

Clearing A Cloudy Title

You have several duties during the period between offer acceptance and closing. Depending on the responsibilities outlined in your sale contract, you may have to purchase a home warranty for the buyer, oversee property repairs, fill out paperwork for the title company and escrow holder and sign several legal documents. A title search pulls up liens, which may range from the expected to the unexpected. Liens include mortgages to mechanics liens, judgments and back child support. You must usually pay off all liens before closing and provide proof of payment in order to transfer a clear title to your cash buyer.

Settling for Nothing Less

You must sign final closing instructions, which the escrow holder usually provides early in the transaction. The instructions reiterate the contract's terms and conditions and outline escrow's role in the transaction. You must review the settlement statement, an itemized list of buyer and seller fees, also known as the HUD-1. Carefully review the fees for accuracy before signing off on them. You also sign a certificate of title acknowledging that you have the right to sell the home; a title deed, which transfers ownership to the buyer and records with the county; and a loan payoff statement, which shows what you owe for mortgages and must pay from the sale proceeds. At closing, you may have to come in with a check yourself if you owe your lender more money than the sale yields; you have to pay off a lien or you agreed to pay a bill through closing, such as a utility bill.

References

About the Author

K.C. Hernandez has covered real estate topics since 2009. She is a licensed real estate salesperson in San Diego since 2004. Her articles have appeared in community newspapers but her work is mostly online. Hernandez has a Bachelor of Arts in English from UCLA and works as the real estate expert for Demand Media Studios.

Photo Credits

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Thursday, December 28, 2017

Indiana Land Contract Laws

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Indiana Land Contract Laws

A land contract is a contract in which the seller finances the sale of real estate in periodic installments, rather than financing through a third party such as a bank. The buyer is typically entitled to move into the property as soon as the contract is signed, but does not obtain title to the property until he completes payments. Indiana has modified traditional land contract law to make it fairer to the buyer.

Payment Terms

A buyer may seek seller financing if he is unable to obtain credit or cannot afford a down payment. Payment terms under a land contract are typically more flexible than with third-party financing, although they are not required to be. The seller may agree not to demand a down payment, for example, in exchange for a higher purchase price. The parties have broad freedom to negotiate terms under Indiana contact law.

Possession

The buyer is typically entitled to possession of the property as soon as he signs the contract, as soon as he tenders a down payment or as soon as he pays the first periodic installment. Thereafter, the seller has no more right to enter the property than a landlord has to enter rented property. Nevertheless, since general contract law rather than landlord-tenant law applies, the parties have greater freedom to negotiate the terms of their arrangement.

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Legal Title

Legal title to the property may remain with the seller until the buyer fulfills his duties under the contract, and sellers usually insist on this. The seller is also entitled to keep physical possession of the title deed. When the buyer fulfills his duties under the contract, the seller is obligated to assist the buyer in transferring title.

Default and Foreclosure

Previously, a buyer under a land contract who defaulted would lose his entire investment, and the seller could seize the property without going through foreclosure procedures. Indiana has reformed its laws to remedy the situation where a buyer defaults after completing many payments. If the buyer's equity in the property at the time of default is "significant," as defined by the law, the seller must institute formal foreclosure procedures and must compensate the buyer for accumulated equity before repossessing the property.

The SAFE Act

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the "SAFE act") requires states to pass legislation requiring licensing for real estate loan originators. Indiana's SAFE act went into effect in June 2010. It requires parties that extend financing for the purchase of real estate, including sellers under land contracts, to be licensed. The licensing process is expensive and time-consuming. You don't need to obtain a license, however, if you sell a home you previously lived in, sell property to an immediate relative, or sell commercial buildings.

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Wednesday, December 27, 2017

Is it possible to sell a home in - as is - condition rather than spend the time and money to get it in - sales condition? I know - Trulia Voices

is it possible to sell a home in 'as is' condition rather than spend the time and money to get it in 'sales condition'? I know

Asked by MLE, 38058 • Tue Jun 1, 2010

in this market everyone wants the house to be in 'better than new condition'. My house was built in 96 and is in a great location.

Walking distance to Munford schools. The house note is current but there is no way I can come up with several thousand to recondition it.

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Help the community by answering this question:

Pennsylvania License #RS297130

Cindy Stys Equestrian & Country Properties, Ltd.

BTW. even with zero dollars you should be able to declutter and clean.

Real Estate in Munford

Popular Categories in Munford

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Wednesday, December 20, 2017

Selling a Home in California? Key Legal Requirements

An overview of your legal requirements when selling a home in California.

If you are selling a home in California, you need to be aware of many legal requirements. Making the required disclosures and following the proper procedures will not only help your transaction proceed more smoothly, but will also help you avoid potential liability to the buyer following the sale.

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California Home Sellers Must Disclose, in Writing, All Facts That May Affect the Desirability of the Property

California law requires sellers to disclose to potential buyers, in writing, any details about the property that may affect the potential buyer’s desire to purchase it or the amount the potential buyer is willing to pay. These important facts concerning the property’s condition are frequently called “material” facts, and a seller can face severe penalties if he or she fails to disclose one.

Most real estate professionals will tell you that, as a general rule, if you are unsure about whether an item should be disclosed, you probably should disclose it.

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In California, material facts are most often disclosed by completing a form called a “Transfer Disclosure Statement,” which your real estate broker may also refer to as a “TDS.” The point of the TDS is to accurately describe the condition of the property, which necessarily includes information concerning the property’s walls, ceiling, floors, insulation, roof, windows, doors, foundation, driveways, sidewalks, fences, electrical systems, plumbing systems or other structural components. This is not a complete list, as any fact concerning any part of the property can be a material fact if it affects the property’s value, desirability, or ability to be used as intended.

Your real estate broker will also be able to supply you with a copy of the TDS form.

California Home Sellers Must Use a Title Company and May Need to Pay for the Buyer’s Title Insurance

When you sell your California home, a title company will conduct a title search and write a Preliminary Title Report, often called a “PTR.” The title insurance company will provide title insurance to the buyer based upon the PTR.

Lenders will require this title insurance as a condition of funding the buyer’s loan. Generally, the home seller and buyer will agree upon a title company and title insurance company; frequently the company suggested by the buyer in the initial offer. Be aware that the Real Estate Settlement Procedures Act (“RESPA”), a federal law, prohibits the seller from requiring a buyer to use any particular title insurance company as a condition of the transaction.

In California, you can negotiate with your buyer regarding who is to pay for the title insurance. Local custom in Northern California is for the buyer to pay for title insurance. In Southern California, the seller customarily pays. Sometimes the buyer and seller agree to split the cost. Local custom can vary by county. Your real estate broker will be able to tell you what is customary in your area.

California Home Sellers Need to Use an Escrow Agent

Buyers and sellers of California homes customarily use escrow agents to facilitate the sale. The buyer will deposit funds in escrow, and the seller will deposit the deed in escrow. The escrow company will hold these items for safekeeping until all of the conditions of the escrow are satisfied, at which time the escrow agent will transfer the funds to the seller and the deed to the buyer.

In Southern California, escrow functions are usually performed by an independent escrow company. In Northern California, however, the title company frequently also acts as the escrow agent for the transaction. Again, the buyer and seller can negotiate who performs and who pays for the escrow services, and local custom will very by location. The buyer generally suggests an escrow holder in the buyer’s initial offer. While the parties may negotiate and mutually choose an escrow holder, sellers must be aware that RESPA prohibits the seller from requiring that the buyer agree to use a particular escrow holder as a condition of the transaction.

California Home Sellers May Need to Pay a Transfer Tax

When real estate is transferred from a seller to a buyer, a document must be recorded at the county recorder’s office to show that the property has changed ownership. At the time this document is recorded, a transfer tax is imposed.

A transfer tax is a special tax imposed by the county and possibly also the city when real estate is sold. Who pays the transfer tax is negotiable with the buyer. However, industry standard generally dictates that if you are selling your home in Northern California, the buyer pays the transfer tax. If you are selling in Southern California, the seller generally pays.

In California, the county transfer tax (as of late 2014) is $1.10 for every $1,000 of the sales price, or 0.11%. Some cities, including San Francisco, Los Angeles, and Riverside also collect their own city transfer taxes, which vary by city.

For example, Los Angeles (as of late 2015) charges a 0.45% transfer tax. So, if you sell a home in Los Angeles for $500,000.00, the county transfer tax will be $550.00 ($500,000.00 x 0.11%= $550.00). The city transfer tax would be $2,250.00 ($500,000.00 x 0.45%= $2,250.00).

If you are curious about whether or not your city imposes a transfer tax, or what the local custom is in your area concerning who pays the transfer taxes, ask your real estate broker or escrow agent.