Close with Confidence !
SELLER CLOSING COSTS
Real Estate Agent Commission
6% of the sales price
Real Estate Agent Commission
6% of the sales price
Prorated Property Taxes
Property taxes in Florida are paid in arrears. You’ll owe property taxes for the portion of the year you owned the house (be it 30 days or 300 days). They’ll be prorated based on the number of days you owned the home, so the amount you owe will be much higher for a November closing than one in early January (300 days vs. 30 days). Note: If your current mortgage payment includes an estimated amount for property taxes that they collect and put in “escrow”, then each month you should be able to get your escrow balance back after closing.
Title Search
$120 to $250
A title search looks into the home’s ownership history to ensure you’re the true owner and that the title is clear of any liens or judgments.
Title search
$120 to $250
A title search looks into the home’s ownership history to ensure you’re the true owner and that the title is clear of any liens or judgments.
Municipal Lien Search
$400 to $450
The municipal lien search looks into unrecorded property issues that aren’t shown in a typical title search, such as code violations, water/sewer/solid waste balances, and open or expired permits, to name a few. The cost varies by municipality.
Municipal Lien Search
$400 to $450
The municipal lien search looks into unrecorded property issues that aren’t shown in a typical title search, such as code violations, water/sewer/solid waste balances, and open or expired permits, to name a few. The cost varies by municipality.
HOA Estoppel
Typically $250 to $500
This letter certifies how much you owe the HOA. It includes your monthly dues, as well as any special assessments, past dues, fines or other fees. Since the HOA could potentially put a lien on your home for unpaid dues or to enforce violations, the title company must confirm that you are in good standing with the HOA and current on all your dues before they can give clear title on the home.
HOA estoppel
Typically $250 to $500
This letter certifies how much you owe the HOA. It includes your monthly dues, as well as any special assessments, past dues, fines or other fees. Since the HOA could potentially put a lien on your home for unpaid dues or to enforce violations, the title company must confirm that you are in good standing with the HOA and current on all your dues before they can give clear title on the home.
Documentary Stamps on the Deed – varies with price of the home
Also called a “transfer tax”, this tax is paid to your local county when the deed is recorded. In all Florida counties other than Miami-Dade, it is calculated as $0.70 per $100 (or portion thereof) paid for the property. For a home with the median sales price of $275,000, the document stamps would be $1,925. In Miami-Dade county, the rate is $0.60 for single family homes, with a surcharge for other types of properties. Document stamps are separate from the mortgage tax and intangible tax paid by the buyer.
COSTS
Lender Fees (optional) 0.5% to 1.5% of the sales price:
These costs relate to any associated loan fees including application fees, prepaid interest, and loan origination fees. While a loan is optional, these will be present if a mortgage is secured to purchase the home. Credit report – $25 to $75: This fee covers the cost for the lender to pull the buyer’s credit history and credit score. Appraisal – $300 to $500: An appraisal determines the value of a home to assure the lender the property is indeed worth the amount they are giving the buyer. The appraisal is often paid by credit card up front and therefore not due at the time of closing.
Home Inspection
$250 to $600
Conducted before closing, a home inspection will reveal any major issues with a home such as structural or foundational damage. Costs vary by company and city — for instance, in Orlando, a home inspection will cost you $450.
Home inspection
$250 to $600
Conducted before closing, a home inspection will reveal any major issues with a home such as structural or foundational damage. Costs vary by company and city — for instance, in Orlando, a home inspection will cost you $450.
Survey (optional)
$350 to $500
Many lenders will require a survey of the property to determine the location of any buildings and the property’s boundaries. Costs typically vary depending on lot size and type of property.
Survey (optional)
$350 to $500
Many lenders will require a survey of the property to determine the location of any buildings and the property’s boundaries. Costs typically vary depending on lot size and type of property.
Recording Fees
$18.50-$37.00 varies by county
This fee covers the cost of registering the sale and transfer of your property. Once the deed of transfer is recorded, it will become part of the public record.
Recording Fees
$18.50-$37.00 varies by county
This fee covers the cost of registering the sale and transfer of your property. Once the deed of transfer is recorded, it will become part of the public record.
Transfer Taxes – varies with amount of the mortgage
Just as the seller typically pays the for the document stamps on the deed, the buyer typically pays document stamps on the mortgage, as well as the intangible tax for the mortgage. These amounts are based on the amount of the mortgage, not the purchase price of the property. The doc stamps are $0.35 per $100 or portion thereof, while the intangible tax is 0.2% of the amount secured.
Title insurance – Whoever elects Escrow & Title typically pays. In Miami-Dade & Broward typically Buyer pays.. Rates are set by the state and based on the purchase price and loan amount
Owner’s title insurance protects the buyer from issues that arise with the title such as outstanding liens that were not discovered in the title search. The Lender’s Policy which is required by lender protects the Lender from issues that arise with the title such as outstanding liens that were not discovered in the title search. The rates are set by the State of Florida, but depend on the price of your home. For the Florida median home price of $275,000, your title insurance will cost about $1,450. While who pays this fee is negotiable, Buyer commonly pays it in South Florida and Seller pays most parts of Florida such as Palm Beach, Orlando, etc.