Yes. There are closing costs for a third party escrow to hold your deposit. They are paid directly to the escrow or title company that sets up escrow for your transaction. The fees are not merely for holding your money, but covers the cost of paperwork such as recording the deed.
The price of the escrow fee is usually based on the percentage of the total sale price of the transaction.
Many times one party, the buyer or seller, will negotiate to pay the fees in the transaction.
At LightSpeed escrow, we are not only about speed and flawless execution of transactions, but pride ourselves at having the lowest fees in Southern California. The technology we use for error-free, fast closings also allow us to provide the most competitive rates for your transaction.