usctrojancpa
Well-known member
I had a few buyers that closed on the purchase of their new Las Ventanas (Taylor Morrsion) homes recently so I figured it'd be helpful to show what the closing costs were. Just like with Irvine Pacific new homes, all of the closings are handled by First American Title as both the escrow company and the title company. Here is a breakdown of the costs that you can expect:
Purchase Price - cost of home plus selected design center upgrades
Initial Deposit - will count as your required down payment
Deposits for Design Center Upgrades - will count as your required down payment
Property Tax Proration - you will be responsible for the property taxes on TM's land value from your closing date through 6/30/12
HOA proration - you will be responsible for the HOA monthly fee from your closing date until the end of the month (HOA was $140/mo on the closing statements)
Prepaid Interest - If you close on or after the 10th you will be responsible for only the interest from your closing date until the end of the month (If you close before the 10th then you'll get a credit for the interest, but check with your lender as this varies from lender to lender).
Lender Costs/Interest Rate Buydown/Impound Account - will vary based upon your financing situation
Escrow Fee - approx. .18% to .19% of the purchase price (lower than .25% to .30% that you'll pay for re-sale transactions)
Owner's Title Policy - approx. .12% to .13% of the purchase price (the sellers normally will pay this cost for re-sale purchases and the amount will be more than 2x this amount)
Lender's Title Policy - approx. .07% to .08% of the loan amount (buyers pay this for re-sale purchases and this amount will be more than 2x this amount). If you are a cash buyer, you will not have this cost.
County Transfer Tax - $87 ($33 if there is no loan)
Homeowner's Insurance - this will be the annual insurance premium for the home
HOA Monthly Fee - escrow will pay for the HOA monthly fee for the month after the month that you close escrow
HOA Transfer Fee - $65 fee to HOA (this amount is normally paid by sellers for re-sale purchases)
First American doesn't seem to charge other escrow garbage fees like loan tie-in fees, document fees, courtier/shipping, etc which can total anywhere from $500 to $700. The closing costs for Las Ventanas homes are about $100-$200 less than the closing costs for Irvine Pacific homes. Just like with my Irvine Pacific transactions, the escrow officer at First American assigned to Las Ventanas purchases was very responsive and easy to work with which made for very smooth escrows. Let me know if you guys have any other questions.
Purchase Price - cost of home plus selected design center upgrades
Initial Deposit - will count as your required down payment
Deposits for Design Center Upgrades - will count as your required down payment
Property Tax Proration - you will be responsible for the property taxes on TM's land value from your closing date through 6/30/12
HOA proration - you will be responsible for the HOA monthly fee from your closing date until the end of the month (HOA was $140/mo on the closing statements)
Prepaid Interest - If you close on or after the 10th you will be responsible for only the interest from your closing date until the end of the month (If you close before the 10th then you'll get a credit for the interest, but check with your lender as this varies from lender to lender).
Lender Costs/Interest Rate Buydown/Impound Account - will vary based upon your financing situation
Escrow Fee - approx. .18% to .19% of the purchase price (lower than .25% to .30% that you'll pay for re-sale transactions)
Owner's Title Policy - approx. .12% to .13% of the purchase price (the sellers normally will pay this cost for re-sale purchases and the amount will be more than 2x this amount)
Lender's Title Policy - approx. .07% to .08% of the loan amount (buyers pay this for re-sale purchases and this amount will be more than 2x this amount). If you are a cash buyer, you will not have this cost.
County Transfer Tax - $87 ($33 if there is no loan)
Homeowner's Insurance - this will be the annual insurance premium for the home
HOA Monthly Fee - escrow will pay for the HOA monthly fee for the month after the month that you close escrow
HOA Transfer Fee - $65 fee to HOA (this amount is normally paid by sellers for re-sale purchases)
First American doesn't seem to charge other escrow garbage fees like loan tie-in fees, document fees, courtier/shipping, etc which can total anywhere from $500 to $700. The closing costs for Las Ventanas homes are about $100-$200 less than the closing costs for Irvine Pacific homes. Just like with my Irvine Pacific transactions, the escrow officer at First American assigned to Las Ventanas purchases was very responsive and easy to work with which made for very smooth escrows. Let me know if you guys have any other questions.