Torrance real estate and homes for sale. Search all of the latest Torrance CA homes for sale. Real estate information for Plaza Del Amo, Hollywood Riviera, Southwood, west Torrance and more.
Closing Costs – Who Generally Pays What In a Torrance CA Escrow
Keep in mind that the charts below are based on the standard allocation of costs in Torrance. As with any detail of buying a home everything is negotiable including who pays what costs during the transaction. In addition not all of these costs exist in every transaction and many are dependent on the lender, escrow company and the details of the offer.
Title Fees
Cost
Customarily Charged By/To:
Description
Owners Title Policy
Title:To Seller
Fee for the title policy. Calculated using the sales price.May be reduced if home was purchased or refinanced inthe last 5 years. Insures that the title is as agreedto at closing
LendersTitle Policy
Title:To Buyer
Title policy issued to lender to cover the amount of the loan.Based on the loan amount unless it is a negative amortizationloan.
Sub Escrow Fee
Title:to Buyer & Seller
Fee to administer the payoff of loans or property taxes of the seller and collection of funds from the new lender
Document Transfer Tax
County: to Seller at $1.10 per thousand of sales priceCity: No transfer tax in Torrance
Fee charged on all properties that transfer title – based on sales price.
Record Release/Reconveyance
County:To Seller
Charge to record the release/reconveyance
Federal Express/Messanger Fees
Federal Express: to Buyer & Seller
Charge to deliver all time sensitive documents and monies
Title/Wire Fee
Banking Instituion: to Buyer & Seller
Charge to wire funds to escrow, seller, lenders, etc
Electronic Recording
County: to Buyer
Charge to electronically record the document
Record Grant Deed
County: To Buyer
Charge to record the grant deed
Record Trust Deed
County: To Buyer
Charge to record the trust deed.
Messenger
Messenger Service: To Buyer and Seller
Charge to special messenger documents during the escrow: Feevaries with distance
Lender’s Endorsement
Title: to Buyer
Charge for endorsements required by lender to cover “outsidethe normal” risk circumstances
Escrow Fees
Cost
Customarily Charged By/To:
Description
Escrow Fee
Escrow: Each pays own
Covers liability assumed as well as standard processing costs.
Demand Fee
Escrow: to Seller
Charge to request a statement & process involved in getting a payoff figureto escrow on the outstanding amount of the current loan. One demand fee per loan.
Process HOA Docs & Transfer Fee
Escrow: Seller
Fee for processing required to assign membership for HOA a& copying all governing documents
Document Fee
Escrow: to Buyer
Covers the cost of all processing required to meet new lender requirements
Loan Tie-In Fee
Escrow: to Buyer
Covers the cost of all processing required to meet new lender requirements
Federal Express
Federal Express: to Buyer
For document packages to out of County Lenders.
Lender Fees
Cost
Customarily Charged By/ To
Description
Origination Fee
Lender: to Buyer
Charge for lending money at 1% of the loan amount
Documentation Preparation
Lender: to Buyer
Paid to lender for preparation of final loan documents
Tax service
Tax Service: to Buyer
Fee charged to buyer to set up property taxes with the state
Wire
Banking institution
Charge for the wiring of funds to title for closing
Underwriting
Lender: to Buyer
Fee to direct lender for the process of approving
Tax impounds
Lender: to Buyer
Collected to create an impound reserved account for the lender to pay property taxes twice a year
Prepaid Insurance
Lender:to Buyer
Generally 1yr of hazard insurance collected for impound reserveaccount
Appraisal
Appraiser:to Buyer
Paid directly to appraiser for appraisal of property
Credit Report
Lender: to Buyer
Paid to credit bureau for report containing 3 credit scores
Processing
Lender: to Buyer
Paid to mortgage broker for processing loan package from application to closing
Disbursements
Cost
Customarily Charged By/ To
Description
HOA Transfer Fee
HOA Management: to Buyer
To transfer ownership and handle new accounting set up
HOA Dues
HOA Management: to Seller
Paid through month of closing
Fire Insurance
Insurance Agency: to Buyer
1 year prepaid premium for Homeowners insurance
Notary
Notary: to Buyer
Payoffs
Cost
Customarily Charged By/ To
Description
Recording Fee
Existing Lender: to Borrower
Charge for having reconveyance recorded.
Statement forwarding fee
Existing Lender: to Borrower
Charge for issuing a payoff statement
Credits and Prorations
Cost
Customarily Charged By/ To
Description
HOA Dues
Seller: to Buyer
Calculated from date of COA through month-end
County Property Taxes
Seller: to Buyer
Calculated from the date of payoff through end of period paid for.
The neighborhood of Southwood in Torrance CA is a fantastic area with tree lined streets with primarily single family homes and a great community feel. Prices in this neighborhood, located just east of Redondo Beach, have seen steady increases since the beginning of 2013 and doesn’t show any signs of slowing down. Here’s a quick recap of the current real estate market conditions in this Torrance neighborhood.
Currently the highest priced home in the great neighborhood of Southwood is located at 21213 Anza Ave. The home is described as:
This is a beautiful 2003-2004 remodeled home with over 3500 square feet of living space. The lot consists of 6741 sq ft professionally landscaped with lush fruit trees, yard art and koi pond. The formal living room has 18 foot ceilings with a magnificent wood staircase that ascends to family sitting room. Off the sitting room there are three bedrooms each having its own private bath. The kitchen and great room are the center of this beautiful home with commercial appliances and granite flooring. On the main floor there is one bedroom with private bath.
The home is quite large for the area and has some interesting features but reaching a number of almost $1.2M on the busy street of Anza (although it’s on a service road off of the main street) seems quite unlikely. Few homes in the area sell for anywhere near this rarified price and all are located in prime locations.
The 55+ community of Village Court is possibly the best location in the nicest complex in the South Bay. This home is absolutely turnkey and features a spacious bedroom, kitchen with granite counters and large island, big views of the pool and spa area as well as wonderful western exposure offering sunset views and cool ocean breezes. Village Court is a 55+ complex built in 2005 offering all of the best amenities including a resort style pool and spa, large outdoor dining and relaxation area, gym, clubhouse with pool table, beautiful lobby and more.
Home with “flags” marking outline of proposed addition
A few of the many benefits of living near the beach are the wonderful ocean views and ocean breezes that make life here so unique. These ocean views have immeasurable value from both a quality of life aspect as well as a significant monetary impact. In many of the South Bay cities these views are unprotected and it’s not rare for a home’s stunning ocean views to disappear when the one story home next door gets torn down and new and much larger home replaces it.
Certain areas of Torrance are the exception. Primarily found in the Hollywood Riviera and Seaside Ranchos neighborhoods the city has incorporated much stricter building guidelines known as the “Hillside Overlay” area. (see map below)
In 1977, the Hillside Overlay Area was established in Torrance, CA in order to address issues concerning building, remodeling, and protecting views and privacy. All new construction (meaning both new homes and expansions on current structures) are subject to review and input by neighbors including “flagging” where a mock up of the future structure are marked with plastic flags to approximate the outlines of any proposed addition to the structure prior to permit approval so that neighborhood input may be obtained.
Torrance Municipal Code Excerpt (Hillside Overlay)
The basics of the hillside overlay are as follows: Upon receipt of the complete application, the Community Development Director shall set a date, time and place for a public hearing thereon as soon as practicable and shall send notice thereof to the owners of land included within a three hundred (300) foot radius of the exterior boundaries of the land for which the permit is sought
No construction and no remodeling or enlargement of a building or structure shall be permitted unless the Planning Commission (or the City Council on appeal) shall find that the location and size of the building or structure, or the location and size of the remodeled or enlarged portions of the building or structure, have been planned and designed in such a manner as to comply with the following provisions:
The proposed development will not have an adverse impact upon the view, light, air and privacy of other properties in the vicinity;
The development has been located, planned and designed so as to cause the least intrusion on the views, light, air and privacy of other properties in the vicinity;
The design provides an orderly and attractive development in harmony with other properties in the vicinity;
The design will not have a harmful impact upon the land values and investment of other properties in the vicinity;
Granting such application would not be materially detrimental to the public welfare and to other properties in the vicinity;
The proposed development will not cause or result in an adverse cumulative impact on other properties in the vicinity.
One of the best kept secrets in all Torrance and the South Bay is the neighborhood of Victoria Knolls. Located in the area of Walteria, Victoria Knolls is located east of PCH and just east of Crenshaw Blvd. It is accessible by only one road and this factor gives it a sense of privacy, security and isolation. In addition the area is located on the north facing side of the Palos Verdes peninsula and often offers striking city lights views. Homes in the area generally start in the low $600,000’s for an original single family home and goes up from there depending on age, view, size and location. It offers a great and safe feel with tree lined streets, very little traffic, and a community that all seems to know each other.
Most people don’t even know the neighborhood exists and when they do accidentally stumble on it they can’t believe it’s a part of Torrance. As it’s up on the hill on the north side of the Palos Verdes Peninsula it’s nothing like the flat neighborhoods people think of when the envision Torrance.
Current Walteria and Victoria Knolls Homes for sale
Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
