SAN FRANCISCOYO U R G U I D E T O B U Y I N G A H O M E I N

Modern Real Estate for a Modern San Francisco

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IN THE SAN FRANCISCO REAL ESTATE MARKET, YOU NEED SOMEONE ON YOUR SIDE. Our clients

expect nothing less than the best, and we’ve built our

career on delivering stellar results, and making the process

an enjoyable one. The market is always shifting, always

changing, and being excellent in this profession involves

diving in. Knowing the market, talking to other agents,

building relationships. It requires a deep interest in San

Francisco, and a love of architecture and homes. You’re less likely to find us sitting behind a

desk, and more likely to see us zipping by, off to check out a new property that just came on

the market, or to meet clients to walk through a home and talk possibilities. We love houses,

we love working with smart, savvy clients, and we love helping people make things happen.

We look forward to working with you!

Kira Mead

MODERN REAL ESTATE FOR A MODERN SAN FRANCISCO

Your success is our success.

WORKING WITH US . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

• Your Team

GETTING STARTED . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

• Questions to Consider When Buying a Home

• Questions to Ask When Buying a Condo

• Initial Meeting

• Financing Your Home

OVERVIEW OF THE REAL ESTATE TRANSACTION . . . . . . . . . 14

THE HOME SEARCH . . . . . . . . . . . . . . . . . . . . . . . . . . 16

• Seeing Properties and Understanding the Market

• Crafting a Winning Offer

• Your Offer is Accepted! Now What?

• The Escrow Process

• Inspections

• Contingencies

• Closing Costs

• Signing & Keys

Y O U R W A Y A R O U N D T H I S G U I D E

WE RESPECT OUR CLIENTS AS SMART, CAPABLE AND MOST OF ALL, PEOPLE.

• We’re not here to “sell” you a house. Our

role is to help you discover what is important

to you, collaborate with you on your home

search and help you buy a home you love

at a price that works for you.

• We take pride in being negotiators, problem

solvers and advisors for our clients.

W O R K I N G W I T H U S

• We set the highest standards of excellence

for our own work and for the professionals

we refer our clients to.

• We use technology, feet on the street

market knowledge and our stellar reputation

to help you succeed in the San Francisco

real estate market.

We’ve learned what works and what doesn’t. PUT OUR EXPERTISE TO WORK FOR YOU.

A SUCCESSFUL TRANSACTION INVOLVES A WIDE VARIETY OF PROFESSIONALS.

From the best mortgage brokers to design consultants, we’ve assembled a top notch team to make your home purchase as smooth as possible.

INTERIOR DESIGNER

MORTGAGE BROKER

HOME INSPECTOR

BUILDING CONTRACTOR

ESCROW/TITLE OFFICER

TRANSACTION COORDINATOR

INSURANCE AGENT

ATTORNEY

FINANCIAL PLANNER

PROPERTY MANAGER

ARCHITECT

MOVER

PLUMBER

HANDYMAN

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• Why have you decided to move?

• When would you like to move?

• What neighborhoods do you like?

• What do you like and what don’t you like about where you live now?

• What’s important to you in your lifestyle? Do you want to be able to walk, be close to public transportation, etc?

• What are your goals for this home and how long do you think you’ll be there?

• What style of property would you like? ( e.g. Victorian, mid-century, contemporary )

• Property condition ( e.g. fixer upper, new construction )

• Do you want a single family home, a condo, or multiple units? Is this flexible?

• What features are you looking for?

• How many bedrooms do you need?

• How many baths?

• Approximately how big of a home would you like ( square footage )?

• Is a separate dining room important?

• Which room do you spend the most time in?

• Do you need outdoor space or a play area? Can it be a patio/deck or do you need a yard?

• How important is a view?

• Do you have pets? What kind?

• Do you need parking?

• How important is weather to you?

• How often do you use public transportation?

• Do you commute? How do you get to work?

• Is it important to you to be near a commercial area? What does ‘near’ mean to you?

• What are your hobbies and special interests? Do they require dedicated space?

• Other needs or features that are important?

Q U E S T I O N S T O C O N S I D E R W H E N B U Y I N G A H O M E

THE GOAL IS SIMPLE: Find out what is important to you, and tailor a strategy for success geared towards your needs

Kira is fantastic! She was instrumental in helping me find my first San

Francisco home and feeling confident in my purchase. Being a first time

buyer, I didn’t know what I didn’t know, and Kira always made sure to point

out potential ‘gotchas’ and ask insightful questions when we looked at

properties. She also has an amazing sense of style and had tons of helpful

tips and suggestions for laying out rooms with furniture and even paint

colors. Her unique concept of combining real estate with design services

is genius. She is a joy to work with. I recommend her wholeheartedly!Della

T E S T I M O N I A L

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Q U E S T I O N S T O A S K W H E N B U Y I N G A C O N D O

Buying a condo comes with its own set of questions. With a single family home, you are responsible for the entire property. You can choose what you do to a home, and when you will do it ( barring the city getting involved, of course ). When buying a condo, it’s important to ask certain questions, to understand the health of not just your unit, but the entire building. It’s also important to get a sense, as much as you can, of how maintenance, repairs and issues are dealt with.

Here are some important questions you should ask about any condo you are interested in:

• What are the restrictions? Some common

restrictions include number ( and kind ) of pets,

restrictions on renting your condo out, and

guidelines for making changes to your unit.

This section of the CC and R’s ( Covenants,

Conditions and Restrictions ) will spell out a lot of

answers to questions about day to day living.

• Is there any litigation in the building? Most

lenders will not loan on a building in litigation,

and those that will usually charge more points/

have a higher rate.

• Are there any special assessments coming up

in the future? A special assessment is usually

a large project that requires more money

than an HOA has in it’s reserves. When this

happens, generally the units will split the cost

between them.

• Read the minutes: the minutes of HOA meetings

will tell you a lot about how an HOA is run. Do

people tend to lean towards keeping the building

in good shape? Do they want to table issues

rather than deal with them? Do people work

towards consensus? ( this is the juicy part )

• Does any one owner own more than one unit

or 10% of a project with more than 20 units?

Banks frequently will require exceptions for

lending in this situation.

• Are more than 15% of the HOA dues delinquent?

• Was the building recently condo converted?

We just bought our first home with the help of Kira and loved working with

her. After sitting down with her for the first time we felt so comfortable that

we didn’t interview anyone else, and being first time homebuyers trying

to navigate SF’s crazy real estate market, we relied on her for everything.

Kira got our style immediately. We were looking for something unique with

vintage details and charm that we could put our own stamp on. Her listing

recommendations were always worthwhile and we trusted her opinion

completely. Kira was there every step of the way from sending us listings

to navigating the offer process to scheduling our inspections. For our first

offer she sat down with us for two and a half hours and talked us through

the offer process making sure we were completely comfortable with

everything and explaining the details of the disclosures. She was always

accessible by email or phone and timely when answering questions. We

felt 100% comfortable with her recommendations and always felt like she

had our best interest at heart. We would absolutely recommend her to

anyone interested in buying property in the city.

John & Garrett

T E S T I M O N I A L

continued

• What is the percentage of owner occupancy

in the building? Frequently, a lender will

require that at least 50% of a building be

owner occupied, sometimes more, depending

on the loan. It’s a good idea to let the lender

do a bit of research on a building you are

putting an offer on.

• Is the project a live/work, with any deed

restrictions?

• Is the HOA more hands on or off? In a smaller

building, it’s mostly the owners sitting in

someone’s unit, making decisions together.

In a larger HOA, there is often private property

management handling most of the details.

Generally, you can be involved in meetings,

or not. Which better suits your preferences

and lifestyle?

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I N I T I A L M E E T I N G

Looking at realtor websites is kind of like online dating — a helpful place to start, but you can’t really tell if you’re the right fit until meeting in person. There is never any obligation for a free consultation — after all, we are going to be spending a lot of time together in the upcoming months, and having the right fit is vital. There are many great agents in San Francisco, and it’s important to work with someone you can trust, and share your thoughts and opinions openly with. At a first meeting, we will talk about the following:

WHERE

ARE YOU AT?

DISCUSS FINANCE

We’ll talk about where you’re at in the

process and what you’re looking for in

a home. We will ask lots of questions to

make sure we understand your preferences

and what’s important to you, from architecture

to lifestyle. We’ll discuss what your price

range looks like in different areas of the city,

and we can recommend neighborhoods

that could fit your criteria.We’ll talk about the role this will

play in the strength of your offer.

If you’re not preapproved, we can

recommend some great local

mortgage brokers, who can answer

your loan and financing questions.

We’ll talk about how much you

have for a down payment, and

discuss creative solutions to

make your offer stronger.

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DISCUSS MARKET

We’ll talk about what the market is like

and what you can expect during your

search for a home. It’s important to work

with someone who is straightforward

about the challenges and opportunities

of the market, and who can set you up to

make successful decisions. We’ll look at

real statistics and numbers for what has

sold in different neighborhoods, giving

you a concrete sense of what is going on

in areas you’re interested in.

NEXT STEPS

If we decide we’re a good

fit, we’ll create a plan for

working together, and you’ll

leave with action steps for

getting the ball rolling.

DISCUSS SF REAL ESTATE

San Francisco has to do

everything differently, and

real estate is no exception.

We’ll talk about showing

times, offer dates, agent

relationships and the

other details that make

San Francisco unique.

TAILOR STRATEGY

We’ll discuss how we work

with clients, and we’ll talk

about your timeframe, your

schedule and how you

like to communicate. We’ll

work on a strategy that

makes the home buying

process as smooth and

stress free as possible.

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THE IMPORTANCE OF WORKING

WITH A LOCAL LENDER

In a competitive market, working with a great

local lender is hugely important to getting your

offer accepted as one major factor that a listing

agent and seller will look at is the strength of

the lender. In order to be as competitive as

possible, you need to work with a lender that

can remove the financing contingency in 7–10

days ( if you’re going to have one ) and close

in 15. Typically, when we encounter problems

in the middle of an escrow, it’s because there

is a problem with the loan for different reasons.

It’s critical to have someone that knows their

stuff, knows what San Francisco is about, and

can be counted on to take care of any issues

that come up. We can usually tell within the

first 5–10 minutes of a phone conversation

with a lender if they’re going to be rock solid

or a complete nightmare. In San Francisco,

any good listing agent will call the lender to

ask them questions and make sure they’re

on top of things.

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DETERMINING THE RIGHT PRICE RANGE

The first step in the buying process is to

determine the price range that is right for you.

You will need to consider how much cash

you are prepared to invest in your home and

how much money you will need to borrow.

DETERMINING CASH YOU WILL NEED

You will need enough cash to cover both your

down payment and any closing costs associated

with the purchase.

Closing costs vary based on the terms of any

loan you may obtain, and are generally 1% to

2% of the purchase price. Also keep in mind

inspections and any immediate post closing

costs, such as moving, cleaning, etc.

You should also take into consideration how

much your property taxes and insurance will

add to a monthly mortgage payment in

determining the right price range.

PRE-APPROVAL FOR A LOAN

When making an offer on a property, your offer

must be accompanied by a pre-approval letter

from a reputable lender or local mortgage

broker. This gives assurance to the seller that

you will be able to get the proposed financing

and will not tie up the property needlessly.

Potential lenders will inquire about

six critical factors:

1 • Income

2 • Savings/Capital/Investments

3 • Credit history

4 • Debt level/Ratio

5 • Employment history

6 • The value of the property

you wish to purchase

We can recommend several top notch mortgage

brokers who not only make the transaction as

smooth and stress free as possible, and are

also committed to explaining the process,

step by step.

F I N A N C I N G YO U R H O M E

QUICK TIP: THE RULE OF TWO’S

Your lender will need

YEARS OF Tax Returns Paystubs / W2’s Most Recent Financial Statements 2

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Purchase Offer Presented to Seller

Accepted Sales Contract

Closing Procedures

• Negotiation of Terms

• Review Disclosures with Agent

Seller

Agent

Agent

Buyer

• Loan Funding• Title Records at City Hall

• Close of Escrow• Utilities off/on

Removal of RemainingLoan Conditions

• Open Escrow• Deposit Earnest Money

• Title Search• Preliminary Title Report Review Additional

Disclosures

Remove InspectionContingency

Sign Loan Documentsat Escrow Company

Final Approval for Loan

Lender OrdersLoan Documents

Remove FinancingContingency

Loan Process InspectionsEscrow / Title

Appraisal Ordered Home Inspection

Pest Inspection

• Initial Contact• Commitment to Agent• Financial Qualifications

Get Keys

Additional NegotiationsSeller

Agent

Agent

Buyer

• Market Education• View Properties

• Write Offer with Agent

OVERVIEW OF THE REAL ESTATE TRANSACTION

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Every block is a short story, every hill a novel.

Gone are the days when being a good agent was about ‘selling your clients a home,’ and pushing

people into something. We feel lucky to work with clients who are smart, savvy people, and we

collaborate with you during the home buying process, using the latest in technology to share

ideas and thoughts, as well as to save you time and energy. We’re here to help you understand

the market, so you can feel confident stepping up when the time comes to bid on the right place.

Searching for a home is a process, and there is no one-size-fits-all-approach. Some clients fall

in love with the first home they see, while others need to see thirty homes. The one guarantee is

that searching for a home will clarify your priorities, sometimes in ways that may surprise you.

acceptable. Some features are impossible to

change, such as location, while others can be

changed or modified by painting, remodeling,

or making structural alterations.

BEING ACTIVE IN THE MARKET

It may sound obvious, but the market moves

quickly, and it’s vital to be out seeing homes,

and following what they sold for. There is just

no substitute for seeing a home in person.

• We’ll set up a search for you for homes that

meet your criteria.

• You can save and favorite homes you’re

interested in, and we’ll share feedback with

each other. This is a great way to begin to

understand the present real estate market.

• You’ll receive emails when properties go

pending or sell. Knowing what a property that

you saw sold for, and understanding why, is a

great way to educate yourself.

• Whenever we find a property that’s a match,

it’s time for us to investigate further as a team.

We have a network of professionals to work on

your transaction, collaborating to get questions

answered and figure out if this is the right

property for you. It’s your job to be responsive

as time is of the essence in many cases and

reviewing any direction, market information or

questions we’ll provide expeditiously is important.

VIEWING HOMES

If we decide to work together, we’ll set up a

tour to go see homes. We’ll discuss your likes

and dislikes, and red flags to watch out for. We

encourage clients to give lots of feedback on

what you like and don’t like about a neighborhood,

layout, finishes, etc. This will form the foundation

of giving us an idea of what you’re looking for.

• Every Tuesday, on broker’s tour, we will see

properties that seem like they could be a

good fit, and give you feedback.

• Every Wednesday is Climb’s office meeting,

where properties are frequently announced

that are not on MLS. This can be a great way

to preemptively find out about properties that

aren’t exposed to everyone else searching

for a home.

• Your home search will be a mix of open houses,

private showings and photos and videos we

take of homes.

• It’s important to be ready to see a home on

short notice, if we find a property that seems

like a great fit for you.

HOW TO LOOK AT A HOUSE

Each time you look at a property, compare that

property to your search parameters. If a specific

home falls short of your desires, consider

whether you can alter the home to make it

T H E H O M E S E A R C H

I highly recommend Kira to anyone looking for a place to buy in San

Francisco: she’s just fantastic! I couldn’t have had a better experience

than working with her. She is so responsive, so professional, so nice and

passionate about her job. I felt comfortable with her from the very beginning.

She understood perfectly what I was looking for and everything I required.

I love the place I bought. Everyone was telling me how stressful it is to buy

a place, but Kira made it so easy for me that the whole experience was just

happy and exciting. I felt confident that she was looking for the best fit for

me. She’s very strategic and things moved quickly and smoothly. After the

closure, Kira followed up and gave me the advice I needed.

Carson

T E S T I M O N I A L

FINANCIAL & EMOTIONAL CONSIDERATIONS

Once you’ve found a property you love, and are

prepared to make an offer, there are financial,

psychological and emotional considerations in

structuring your offer. Is this property extremely

desirable – one that could invite multiple offers?

If the seller counters your offer and asks for a

higher price, what is your top dollar? Does the

property need improvement? How motivated

is the seller? How motivated are you? What

contingencies have you placed on the offer?

WHEN WE WRITE AN OFFER, WE WILL

• Help you determine an appropriate price to

offer. This is where strong market knowledge

of specific neighborhoods is vital. Block by

block, property by property, a good agent

should know why a comparable property sold

for what it did. Knowing the market inside and

out will help you determine a price that is

competitive while avoiding overpaying.

• Make sure you have a thorough understanding

of the purchase contract, going over it line

by line.

• We’ll thoroughly review disclosures together,

to help you understand the strengths and

drawbacks of a property and get as many

questions about the property condition

answered beforehand as we can.

• We’ll discuss the big factors that make up

the substance of your offer:

1 • price

2 • down payment

3 • financing terms and contingencies

4 • inspection contingencies

5 • closing date

6 • special conditions ( rentback, etc. )

• We’ll write a letter to the seller, detailing your

strengths as a buyer.

• You’ll write a letter to the sellers ( we can

provide you with a sample ), telling them why

you love the home, and why you’d be the

perfect buyer.

• We’ll have your mortgage professional call

the listing agent to talk about your strengths

as a borrower.

C R A F T I N G A W I N N I N G O F F E R

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Y O U R O F F E R I S A C C E P T E D ! N O W W H A T ?

Once your offer is accepted ( and after you’ve celebrated with a cocktail ), the behind the scenes

work starts to move your transaction as smoothly as possible through the escrow process. The

clock starts ticking, and this is when it’s essential to have an agent who can project manage the

various elements that are happening at once. There are frequently hurdles during the escrow

process, and pulling together these details, being proactive and finding solutions to any problem

that may arise is just as much a part of our job as helping you find the right home.

DURING THE ESCROW PROCESS, WE WILL

• Closely monitor the contract to ensure the

seller performs on the contingencies in a

timely manner

• Attend inspections in person and review

reports as soon as they are received to make

sure any issues that arise are resolved

• Meet the appraiser at the property to be

aware of any problems with the appraisal

• Negotiate any repair items that you are

requesting

• Follow up on your loan process to

ensure a timely close

• Attend the walk-through

• Send an estimated closing statement

prior to closing

• Attend the signing at the title office

• Deliver keys and documents to you

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I N S P E C T I O N S

W H A T D O T H E Y C O S T ?

General Home Inspection • $600–800

Pest Inspection • $400–600

Chimney Inspection • $200–300

Sewer Lateral Inspection • $125–200

Roof Inspection • $0–100

Structural/Engineering • $100–400

Condo Document Review • $300–500

note: all costs are estimates only

clear and to check for any exceptions to this.

When we get initial disclosures, one of these

is the preliminary title report, that the listing

agent has already requested. This preliminary

title report lists any liens on the property or

clouds on the title. When you are in contract,

we receive an updated title report, with any

changes.

The other function of the title company is to

issue title insurance. After issuing the title

report, the escrow company will issue both

you and your lender a ‘title policy’ ensuring the

property can indeed be sold and delivered

free of liens or encumbrances. This title policy

lasts for your life. Paying for title insurance is

one of your closing costs.

T H E E S C R O W P R O C E S S

What is the escrow process? Realtors are always

referring to the murky river of escrow and what

happens during this time.

Escrow refers to multiple things:

The escrow process is the time after your

contract is accepted, before you close, during

which time remaining information is gathered,

especially relating to your loan and taking title

to the home.

Your lender is working on your loan, inspections

are happening, and the title company is working

on title insurance. During this time, it’s essential

that you deliver anything that we ask for or that

your lender requires expeditiously, and that we

remain within contingency timelines.

ESCROW/TITLE COMPANY

Escrow also refers to the escrow or title company,

a neutral third party that oversees money and

documents related to the transaction. The

escrow or title company has two functions:

The first is to be the neutral third party. All money,

including the buyer’s initial deposit, any credits

or deposits from the seller, the buyer’s remaining

down payment and the buyer’s loan funds

come through escrow. They will also issue a

check to the seller at the end of the transaction.

Because they are a neutral third party, they

must always have the permission of both parties,

in writing, before they can release funds.

The second function of the escrow company is

to be sure that title can be delivered free and

The road to success in real estate has many faces, from the starter condo that gets you in the market to the single family

home with a view that you’ve worked hard to achieve. WE’RE HERE TO HELP, WHEREVER YOU ARE IN YOUR REAL ESTATE JOURNEY.

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Most buyers will have a general home and pest

inspection ( if the seller has not provided a pest ),

as well as a sewer lateral inspection on older

buildings. Then, if circumstances dictate, go

on and order specialist inspections before the

end of their inspection period. Your inspection

contingency gives you the right to have the

property thoroughly inspected and if you discover

something that is too big of a problem, you can

cancel the purchase and have your deposit

returned. The clause actually gives the buyer

cancellation rights for any or no reason – the

escape parachute.

The general home inspection serves the basic

purpose of educating buyers about the overall

condition of the building. While the inspector

will go into the crawlspace and attic, nothing

invasive is usually done. In some cases, the

sellers will have already paid for and will provide

the inspection report as part of their disclosure

materials. Other times, the buyer will pay for an

inspection and get a report for their use only.

In either case, an objective licensed home

inspector will walk the property noting and

examining various defects he or she sees.

The general contractor inspection report may

call for additional inspections by tradespeople

such as roofers or chimneys for specific areas

that require work. By law, home inspectors do not

give bids for repairs but may give estimates.

The pest inspector is looking specifically for pest

and dry rot issues, or conditions that may cause

them. The report is broken up into Section 1

items ( items that require repair ) and Section 2

items ( conditions that could lead to damage if

uncorrected ). For section 1 items, the inspector

will give a bid to repair the damage.

Inspection reports can also serve as the basis

of negotiation ( this varies depending on what

the market is like ). Repairs can always be

performed after escrow closes as it’s rare that

a seller will do the work for you. If either the

general or specialist investigations are not

ordered during this time, then buyers will assume

the risk that there are certain unreported

deficiencies. If these types of deficiencies are

discovered after the inspection contingency is

removed, or after escrow closes, there’s little

recourse against the sellers unless there was

active concealment or fraud.

In a competitive bidding situation or if the

property is a fixer many people will waive

their inspection rights to give sellers the

certainty that the buyers are committed

fully to the property. While this assumes a

lot of risks, many times sellers will prepare

inspection reports from an inspection

company to disclose the property’s condition

to would-be buyers. While objective,

some may still want to conduct their own

investigation. As brokers, we will always

advise you to investigate and inspect to

your satisfaction. While inspections aren’t

cheap ( $600+ ) one way to be competitive

and yet still diligent is to conduct a pre-offer

inspection. This will also give the sellers a

clear signal that you really want the place

and won’t have any second thoughts,

limiting their liability as well.

I N S P E C T I O N S

We deliver results and bring sanity, a smile and a calm demeanor to the process.

WHATEVER COMES UP, REST ASSURED WE HAVE IT HANDLED FOR YOU.

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We deliver results and bring sanity, a smile and a calm demeanor to the process.

WHATEVER COMES UP, REST ASSURED WE HAVE IT HANDLED FOR YOU.

Once your offer is accepted, there are several

contingencies in the contract that give you the

opportunity to review information or take specific

actions within given time frames. Note that con-

tingencies are always removed in writing, and it

is essential to meet the deadlines specified for

each contingency in the purchase agreement.

A contract contains many contingencies, and the big three are:

INSPECTION CONTINGENCY

Discussed above, this is the most ‘powerful’

contingency, that essentially lets you out of the

contract for any reason during this time. This

is when you will conduct your inspections and

perform any other due diligence to ensure this

is the property for you.

FINANCING CONTINGENCY

Once your offer is accepted, your lender

will order the appraisal and begin working on

obtaining final loan approval. This is the process

of satisfying the underwriting requirements

of the bank you’ll be obtaining your loan from.

Once your lender has final loan approval from

the underwriter, your financing contingency is

removed in writing.

APPRAISAL CONTINGENCY

This can fall under the general umbrella of the

financing contingency, and this contingency

is there to ensure the home appraises for the

purchase price you have agreed upon with

the seller. If the house doesn’t appraise, you

can cancel the contract. Some other remedies

include making up the difference in cash, or

negotiating the price with the seller.

Once contingencies are removed, you are

effectively obligated to purchase the property.

You understand that you are purchasing the

property in it’s current condition ( subject to

any agreed repairs by the seller ) and are going

to move forward.

At that point, your good faith deposit is at risk.

Any failure to perform could result in losing

your deposit.

Generally closing costs are 1–2% of

purchase price and are paid at closing,

through the escrow company.

design: Candymuse.com

C O N T I N G E N C I E S

Everyone has questions about the vague term ‘closing costs’. Closing costs are the various

charges made by the lender, the title company and other service providers necessary to complete

a transaction. The following sets forth the customary division in San Francisco.

THE BUYER CUSTOMARILY PAYS

• Title insurance premium for lender and buyer

• Escrow fee

• Notary fee

• Contractor’s and pest inspection fees and other inspection fees

• New loan charges ( points, appraisal, document processing fees, etc. )

• Interest on new loan from date of funding to 30 days prior to the 1st payment date

• Home warranty ( if specified in contract )

• Homeowner’s insurance for 1st year

• Property tax proration

• Property tax impound account if required by lender ( generally if putting less than 20% down )

• Move-in fee ( for condominiums )

• HOA account transfer fee

• For Condo/HOA Pro-Rates

• Miscellaneous charges

THE SELLER CUSTOMARILY PAYS

• Real estate commission

• Document preparation for deed

• Documentary transfer tax ( amount is dependent upon sales price )

• Payoff of loans against property

• Interest accrued on loans being paid off, reconveyance fees, repayment penalties

• Any judgment or tax liens against seller

• Property tax proration

• Unpaid homeowner’s dues ( for condominiums )

• Bonds or assessments

• Delinquent taxes

• Move-out fees ( for condominiums )

• Notary fees and recordation fees

• Third party Natural Hazard Disclosure Statement & California Tax Disclosure Report

• Pre-sale inspection fees

• Underground storage tank report

• Energy/Water Conservation inspection/repairs

• New Construction ( buyer often pays )

• Miscellaneous charges

C L O S I N G C O S T S : W H O P A Y S W H A T ?

25

It’s not just about buying a home, it’s about building a life.

26

S I G N I N G & K E Y S

During the escrow process, your lender has

been working to get conditions met and get

final approval from the underwriter to prepare

loan documents. This is the paperwork

related to your loan, for the bank. Once loan

documents are ready, these go to the escrow

company, who get them ready for you to sign.

The escrow company will also prorate property

taxes and any other fees ( such as HOA dues )

to give you the amount of money you will need

to close your loan ( remaining down payment

plus closing costs ). When this is ready, we’ll

go together to the escrow company, and you’ll

sign loan documents, and deliver a cashier’s

check to the escrow company.

Loan documents will then go back to the bank,

who will look them over for completeness and

accuracy, and will then give the signal to fund

the loan.

Once the loan has funded, it then records

the next day with the county, and the

property is yours.

To answer everyone’s question: that is when

you get keys. And, go out to have a drink with

your realtors and celebrate!

AFTER CLOSING

We consider closing the start of a long

relationship. We’ll send you our list of resources,

and are available to answer any questions you

might have, or point you towards a contractor,

a handyman, or a great design store or

restaurant in your neighborhood.

If you want to consider real estate as a long

term investment, outside of your primary

residence, we love discussing long term

strategies for building wealth through real

estate investment and helping people

create timelines to make this happen.

We absolutely loved working with Kira! She quickly picked up on our style

and what we were looking for. It can be tough finding the place you want

to call home and to actually get a winning offer. Kira encouraged us along

the way and helped us through the entire offer and close process with

candid advice. After we closed on our amazing home last month, she

helped us find a contractor for a bathroom remodel and gave us tons of

great design ideas. We absolutely recommend Kira for helping you find

your new home!Jonathan &

Priyanka

T E S T I M O N I A L

WE’RE HERE FOR THE LONG GAME.

We want to be your resource

for all things house and home

and we definitely want to come

to your housewarming party!

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CLIMB SF.COM251 Rhode Island #105 San Francisco CA 94103

Equal Housing Opportunity • If your property is now listed for sale this is not intended as a solicitation of the listing.

Modern Real Estate SF.com

KIRA MEADREAL ESTATE AGENT

(415) 305-8737kira@modernrealestatesf.comCalBRE#: 01905944