CLOSING & COSTS

CLOSING COSTS ESTIMATOR FOR BUYER OR SELLER:
WWW.WATSONTITLESERVICES.COM 

Closing is that point in the real estate transaction when buyer and seller

come together to finalize the sale and purchase of property.

n       There is no Florida law that mandates that a real estate closing must take place in the county where the real property is located. This is dictated by contract provisions. A closing can take place in a county other than the one where the real property is located.

n       Neither party actually has to appear at the closing. If one, or both parties, is absent, it is called an ‘away closing’.

n       Most items paid at closing are negotiable; otherwise, the closing items are paid by as is usual and customary in the county.

n       The Real Estate Settlement Procedures Act requires that Lenders provide you the HUD 1 settlement statement 24 hours prior to closing for your review.  This allows all parties time to make corrections if needed prior to the actual closing.

Example: CONVENTIONAL TRANSACTION:

CHARGES TO SELLER	CHARGES TO BUYER
Doc Stamps on Deed @ $7 per $1000.	Mortgage Fees
Abstracting (condensed history of Title)	Owners Title Insurance
Closing Fee	Title Search & Examination
Existing Loan/Lien(s) Payoff	Lender’s Title Insurance
Real Estate Commission	Various recording  & Courrier Fees
Tax Lien Search	Doc Stamps on Mortgage @ $.3.50 PER $1000
City Lien Search	Intangible Tax on Mortgage @ $2 per $1000
Record Satisfaction of Mortgage	1 YR PREPAID INSURANCE
County Tax Pro-ration to Buyer	TAX & INSURANCE ESCROWS

 

    CHARGES TO BUYER

n        Mortgage Fees: Differ depending on company/loan used. They include discount

      points, origination fees, home appraisal, credit report, survey, various inspections

      as required by the Lender, and Private Mortgage Insurance (PMI) if it applies.

n       Owners Title Insurance: Protects the Buyer for the value of the property. Rates

are set by the State of Florida  Legislature. The amount charged includes $75 for

Title search, $75 for Title examination, and $75 Closing fees.              

***You will receive a Title Re-Issue Credit based on the seller’s original

purchase price if purchasing vacant land within 10 years of the seller’s

original purchase or a house within 3 years of the seller’s original purchase.

n       Lender’s Title Insurance: Protects the Lender for the mortgage amount only.           

n       Endorsements: Cover PUDs, water, and various other factors. Costs vary.

n       Insurance: Homeowners: One year plus 2 months escrowed.

                                       Flood: May not be required depending on flood zone.