Estimate the cash you'll need at the closing table on a California home purchase, beyond your down payment, with county-specific modes for San Mateo, Santa Clara, San Francisco, and a statewide California default. Some assistance programs cover closing costs as well as down payment, so it is worth checking the down payment assistance guide before you assume the full amount comes out of pocket.
On the SF Peninsula, buyer closing costs typically run between 1.5% and 2.5% of the purchase price for a financed transaction. All-cash buyers usually fall under 1% because there are no lender fees. The exact figure depends on your lender, loan size, escrow company, and which county you're closing in.
By local custom, the seller pays the county transfer tax in both San Mateo and Santa Clara counties. Buyers do not budget for this line item on a standard resale. Most other California counties follow the same convention at the standard rate of $1.10 per $1,000 of purchase price.
San Francisco imposes a tiered documentary transfer tax that is considerably higher than the standard California county rate. Per the SF Assessor-Recorder's published schedule (sfassessor.org), the rate ranges from 0.5% on sales under $250,000 to 0.75% for sales between $1M and $5M, and up to 6% on sales of $25M or more. By San Francisco custom, the seller typically pays the full transfer tax, though the purchase contract governs and buyers can be asked to split or absorb it in a competitive SF transaction. At a $2M price the tax is roughly $15,000, so it is worth knowing as a negotiation point even when the seller pays it.
Prepaid property tax. At closing, you'll fund a property tax reserve account, typically 2 months of taxes, plus you'll prorate the seller's prepaid taxes through the closing date. On a $3M Peninsula home, this can easily total $7,000 to $12,000 at the closing table, before your first regular tax bill arrives months later.
Lisa partners with the Peninsula's most reliable lenders and escrow officers and can pull a precise net cost-to-close for any property you're considering.
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