New Home Purchase & Closing Cost

J

jtn001

New member
I am purchasing a new home and the builder is not paying for any of the closing cost. I have to pay it all!

Isn't it customary for the buyer & seller splitting the escrow fee, and seller to pay for the owner?s title policy and county transfer tax in Orange County?

Does this not apply to new home purchases?

What are your experiences with your new home purchases?
 
jtn001 said:
I am purchasing a new home and the builder is not paying for any of the closing cost. I have to pay it all!

Isn't it customary for the buyer & seller splitting the escrow fee, and seller to pay for the owner?s title policy and county transfer tax in Orange County?

Does this not apply to new home purchases?

What are your experiences with your new home purchases?
Click to expand...

The closing costs that a buyer pays for a resale home and a new home can be different.  For a resale home, a buyer can try to negotiate who pays which closing costs with the seller while there isn't any negotiating with the builder (seller) on a new home purchase in terms of who pays which closing costs.  The norm for a resale home is for a buyer and seller split the escrow fee, seller to pay the following...1) owner's title policy, 2) county transfer tax, 3) HOA docs and transfer fees, and 4) one year home warranty for the buyer.  The norm for a new home is again for the buyer and seller to split the escrow fee, but the buyer is the one that pays for the owner's title policy and county transfer tax (there's no home warranty policy as the builder offers a 1-year home warranty to the buyer).  Hope that helps.
 
jtn001 said:
I am purchasing a new home and the builder is not paying for any of the closing cost. I have to pay it all!
Click to expand...

Noob!

Although new home buyer are on the hook for the closing cost, many here on TI are having their agent to pay a big portion of it.  Their agent will rebate part of their commission and use it toward buyer?s closing coast. 

Always get an agent like USCTrojan here who will give you Max Rebate when buying a new home.
 
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