Closing Costs

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Real Estate

Closing Costs

For Buyers in summary Closing Costs include : Lender Fee's, Transfer fee's & Transfer taxes which most likely total between 3% - 4% of the sales price of your home. Now if your the Seller your closing costs range from between 5% - 10% of the sales price. These will include things like pro-rated property taxes, & Real Estate commissions. 

 

Common Florida Seller Closing Costs :

 

Real Estate Commission - typically 5% of Sales Price

Outstanding amounts owed to the property - HOA fees, utility bills. These are pro-rated. 

Pro-rated Property Taxes - from closing day o the end of the year December 31st

Settlement Fee - typically $450- $700 paid to the Title/Escrow company for their services

Title Search - $150 - $250 - a search to ensure that the Title to the property is clear of any liens or judgements

Municipal Lien Search - $150 - $250 This looks into unrecorded property  issues such as code violations, water/sewer/solid waste balances,& any open or expired permits

HOA Estoppel - if there is a HOA involved with the home typically $200 - $500

Documentary Stamps on the Deed - also called a "transfer tax" this tax is paid to your local county when the deed is recorded. It's calculated 0.70 x sale price of the home divided by 100. Example doc stamps on a $275,000 would be 0.70 x 275,000 divided by 100 = $1925

Title Insurance - rate is set by the state & based on the purchase price. Example a $275,000 your title insurance will cost about $1450.00 . While who pays is negotiable, the seller commonly pays it in most parts of Florida 

 

 

Buyers Closing Costs :

 

Loan Origination Fee (optional) 0.5%-1.5% of the sales price . Only paid when a Loan/Mortgage is secured

Appraisal $300 - $500 Determines the value of your home

Survey (optional) $350 - $500 Many Lenders require, Seller may have one on file

Credit Report - $25 - $75 paid to Lender for pulling & checking your Credit Score

Home Inspection $250 - $600 conducted before closing revealing any major issues found with the home

Recording Fees - varies by county - the buyer pays doc stamps on the mortgage as well as an intangible tax for the mortgage. These amounts are based on the amount of the mortgage not the purchase price of the home. The doc stamps are $0.35 per $100 or portion thereof, while the intangible tax is $0.2% of he amount secured.