Three Sixty At South Bay

360 Real Estate and Homes for Sale in Three Sixty at South Bay, of of the premier gated communities

What Are The Standard Contingency Periods During Escrow

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The charts below show the standard contingency periods for both buyer and seller based on the default language of the CAR (California
Association of Realtors) Residential Purchase Agreement (RPA) which most people refer to as the offer or purchase contract. The below is what is the default timeframes in the offer but all of these terms and timeframes are negotiable and in the current “seller’s market” many of these items will be either reduced or even eliminated if the seller has multiple offers.  Contact realtor and Three Sixty specialist Keith Kyle with questions about the process.

Contingency Timeline for Buyer

Contract Item Default Timeline Notes
Initial deposit Delivered to escrow company within 3 business days after acceptance. Usually wire transferred
Verification of down payment and closing cost Completed within 3 calendar days after acceptance. Standard to have this included with offer
Loan application Completed within 3 calendar days after acceptance. Standard to include preapproval with offer
All buyer investigations Completed within 17 calendar days after acceptance. This includes physical inspections, HOA, neighborhood, etc.
Appraisal contingency removal Completed within 17 calendar days after acceptance.
Loan contingency Completed within 21 calendar days after acceptance. The goal by this date is to have formal loan/underwriter  approval

Contingency Timeline for Seller

Contract Item Default Timeline Notes
Disclosure of HOA Completed within 7 calendar days after acceptance. Most, but not all, of the time it will be fairly obvious that the home is in an HOA or planned unit development
Request HOA docs Completed within 3 calendar days after acceptance. HOA documents can take a while so seller or escrow needs to order early in the process
Deliver all reports and disclosures to the buyer Completed within 7 calendar days after acceptance. Most actual reports will be ordered by escrow or agent, but seller to provide seller disclosures within 7 days of acceptance

2 Bedroom Condo in the Flats “Coming Soon”

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While we don’t have much in the way of details or information from the MLS we are always happy to announce a new listing or in this5450 Strand Hawthorne CA in Three Sixty case an upcoming listing. 13126 Union Avenue Unit#202 is a 2nd floor single level condo that’s due to hit the market in late April.    6 months ago we would have said the list price of $925,000 seemed high for a 2nd floor unit but given the abundance of recent record breaking sales that’s no longer the case and we anticipate this selling very quickly.  Having said that we have not seen the interior or the view so stay tuned and check back.  See how this price compares with the most recent sales and pending escrows in Three Sixty.

Condo Info

  • 2 bedrooms
  • 2 bathrooms
  • 1,340 square feet(approx)
  • $617 HOA dues (varies slightly every two months
  • Priced at $925,000
  • Listed by Stephanie Hart & Jeremy Hart – Forecast Realty Inc. – 310-781-2000

Contact Three Sixty realtor Keith Kyle with Vista Sotheby’s International for more information.

Very Well Priced Top Floor Corner Condo Hits the Market in the Flats

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New to the market is a top floor 2 bedroom condo in the Flats of Three Sixty. This is one of the larger “residence 5” 2 bedroom 2 bath condos offered in 360 and the top floor units have more outdoor areas than the condos on the other levels. 12920 Central #104 is priced very aggressively considering the last few sales of smaller units on lower floors has reached or exceeded the $1.0M mark. This floorplan offers a very nice open concept layout with kitchen and the spacious island overloooking the entire living and dining areas. While there is no direct garage access all of the condos in the Flats have private, locakable garages on the ground level which is extremely unique or multi level condo buildings in the South Bay.

This condo has sold…..view the current homes for sale in Three Sixty

Condo Info

  • 2 bedrooms
  • 2 bathrooms
  • 1,572 square feet(approx)  – Original builder data shows 1,654 sq feet
  • $597 HOA dues (varies slightly every two months
  • Priced at $1,025,000
  • Listed by Natasha Gwilt – eXp Realty of California Inc – 888-584-9427

Contact Three Sixty realtor Keith Kyle with Vista Sotheby’s International for more information.

12920 Central Avenue Unit#402 – Listed for $1,025,000

Who Generally Pays For What During Escrow?

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By Keith Kyle

Closing Costs – Who Generally Pays What In The Escrow Process

Keep in mind that the charts below are based on the standard allocation of costs in an escrow in Three Sixty.  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.

Although not in the charts below it is standard for the seller to pay the real estate commission (generally 5% in our area) for both the listing (seller’s) agent and the buyer’s agent.

Title Fees

Name of cost Customarily Charged By/ Who Pays What is it?
Owner’s Title Policy Title company /  Seller cost Fee for the title policy. Calculated using the sales price.  Insures that the title is clean at close of escrow
Lender’s Title Policy Title company / Buyer cost Title policy issued to lender to cover the amount of the loan. Based on the loan amount.
Sub Escrow Fee Title company / 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 LA County / Seller.  There is also a city transfer tax in some cities but not in Hawthorne Fee charged on all properties that transfer title  based on sales price.  $1.10 per thousand of sales price
Record Release/Reconveyance LA County / Seller Charge to record the release/reconveyance
Federal Express/Messanger Fees Federal Express / Buyer & Seller Charge to deliver all time sensitive documents and monies
Title/Wire Fee Banking Instituion / Buyer & Seller Charge to wire funds to  or from 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 /Buyer and Seller Charge to special messenger documents during the escrow:
Lender’s Endorsement Title / Buyer Charge for endorsements required by lender to cover “outside  normal” risk circumstances

Escrow Company Fees

Name of Cost Customarily Charged By/To: What it is?
Escrow company fee Escrow / Both buyer and seller each pays own Covers liability assumed as well as standard processing costs.  This varies but usually cost is somethung in the vicinity of $2.00 per thousand and a $200.00 base
Demand Fee Escrow / 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 / Buyer Covers the cost of all processing required to meet new lender requirements
Loan Tie-In Fee Escrow / Buyer Covers the cost of all processing required to meet new lender requirements
Federal Express Federal Express /Buyer For document packages to out of County Lenders.

Lender & Loan Costs

Name of Cost Customarily Charged By/ To What is it?
Origination Fee Lender / Buyer Charge for lending money at 1% of the loan amount
Documentation Preparation Lender / Buyer Paid to lender for preparation of final loan documents
Tax service Tax Service / 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 / Buyer Fee to direct lender for the process of approving
Tax impounds Lender / Buyer Collected to create an impound reserved account for the lender to pay property taxes twice a year
Prepaid Insurance Lender / Buyer Generally 1yr of hazard insurance collected for impound reserveaccount
Appraisal Appraiser / Buyer Paid directly to appraiser for appraisal of property
Credit Report Lender: / Buyer Paid to credit bureau for report containing 3 credit scores
Processing Lender / Buyer Paid to mortgage broker for processing loan package from application to closing

Disbursements

Name of Cost Customarily Charged By / To What is it?
HOA Transfer Fee HOA Management / Seller but often negotiated HOA or managemebt company fee to transfer ownership and handle new accounting set up
HOA Dues HOA Management / Seller Usually prorated and paid through day of closing
Fire Insurance Insurance Agency / Buyer 1 year prepaid premium for homeowners insurance
Notary Notary / Buyer

Payoffs

Name of Cost Customarily Charged By/ To What is it?
Recording Fee Existing Lender / Borrower Charge for having reconveyance recorded by the county.
Statement forwarding fee Existing Lender / Borrower Charge for issuing a payoff statement

Credits and Prorations

Name of Cost Customarily Charged By/ To What is is?
HOA Dues Seller  /Buyer Calculated from date of COA through month-end
County Property Taxes Seller / Buyer Calculated from the date of payoff through end of period paid for.

5574 Palm – Terrace Unit the Latest Closed Home Sale in Three Sixty

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The latest home sale in Three Sixty was a free standing Terrace residence 1 that just closed escrow in March at $1,325,000.   This was an interesting number as it was originally priced at  $1,439,000…quickly reduced to $1399,000 and then drastically reduced to  $1,299,000 after only 2 weeks on the market.   Once at that price it almost immediately went into escrow and now has closed at the $1,325,000 number.   Given that the previou close of the same floorplan at 5245 Pacific Terrace for $1,450,000 the sellers on this one were clearly feeling some pressure to sell quickly.

The home was the smallest of the Terrace layouts with around 1,861 square feet, 3 bedrooms and 2 1/2 baths.

The “Terraces” are single family style homes in 360 with no shared walls and small patios or  yards.  The HOA fees in the Terrace homes are the lowest in the community.  As with all of the homes in Three Sixty  5574 Palm offered central air conditioning, a private garage, access to the  the incredible 360 community amenities and is part of the award winning Wiseburn School District in Hollyglen.

View the MLS listing details below.

5574 Palm Basics

  • Freestanding (no shared walls) home in the Terraces
  • 3 bedrooms
  • 2.5 bathrooms
  • Top floor living room and outdoor deck
  • 1,861 square feet (BTV)
  • 2 car garage
  • $232 HOA
  • Listing by Matthew Barry & Michael Aronski – eXp Realty of California, Inc. 310-308-6685

Contact Three Sixty real estate specialist Keith Kyle with Vista Sotheby’s International for more information

5574 Palm, Hawthorne – Sold for $1,325,000