Melanie: So, basically, in San Mateo County, it is a buyer pay county which means when a buyer comes in to purchase a property, they are paying the title and escrow fees.
Who pays closing costs Bay Area?
In California and any state, both the buyer and the seller are responsible for a portion of the closing costs in a real estate transaction. Typically the seller pays a bit more in closing costs than the buyer.
Who pays transfer tax in San Mateo County?
San Mateo County Transfer Taxes:
San Mateo County has a county transfer tax of $1.10 per $1,000, typically paid by the seller. The City of San Mateo and Hillsborough charge additional transfer taxes based on the property's value, often shared between buyers and sellers.
Who pays title and escrow fees in California?
In California, both the buyer and the seller pay the escrow agent for their work. Typically each side will be charged the same amount (but some geographies are slightly different). Escrow fees are not fixed or determined by the state of California.
Who pays closing costs in CA?
Buyers and sellersBoth buyers and sellers pay closing costs. But they don't pay the same amount — sellers typically pay a larger share of the tab.
What is a possessory interest in property called?
What is a taxable possessory interest (PI)? A taxable PI is created when real property owned by a government agency is leased, rented, or used by a private individual or entity. PIs are subject to property taxes under California law unless a qualifying exemption applies, e.g., welfare exemption, etc.