|Don't forget to factor in closing costs when considering a home sale or purchase. Sandi Stricklin, Century 21 Sunbelt Realty is seasoned at helping both buyers and sellers when it comes to closings. E-mail or call us today at (239)-851-6244 if your needs include a real estate pro ready for the business side of real estate.|
Closing costs you should expect
There are certain ordinary fees linked to closing the sale of a house. These expenses are usually divided between the buyer and seller, as noted in the sales contract. Many are customary, but there are nuances to each, so you'll want a real estate expert in Florida to help lead you through your process.
Loan-related closing costs (Learn more)
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account of pre-paid Insurance and Taxes
At closing, the following taxes are usually paid (Learn more)
- Property Taxes calculated up to the day of Closing. Since we pay Property Taxes in arrears (the year after), the Seller will credit you the portion of taxes they would be required to pay as owners from Jan 1st to Closing.
- State Transfer Taxes for the Mortgage (if there is one) and Recording Fees
Insurance fees due at closing (Learn more)
- Homeowners Insurance
- Flood Insurance (may be optional depending on the location)
- Private Mortgage Insurance (PMI) (optional)
- Title Insurance for the Lender.
- Note: the Title Insurance for the Property is typically paid by the Seller at Closing on your behalf
Sellers: As we negotiate your deal, I'll not only work to get the optimal sales price, but I'll also explore ways to reduce your closing costs. And once we've arrived at an agreement, I'll fully explain the closing costs so you are informed of exactly where your money is going.
Buyers: If you're purchasing a property with a Loan, you will receive a "Good Faith Estimate" (GFE) of closing costs within three days of submitting your loan application. The estimate is required to be fully disclosed, identifying your rate, terms, pre-paid escrows and closing expenses so you're not surprised when you show up at the closing table. I'll be happy to look over the GFE with you, answering your questions and highlighting any estimates that seem questionable.