Closing Costs - General

Regardless whether you are buying or selling, in almost all cases you will be required to pay some type of closing costs associated with a real estate transaction. Please consider some of the following items when establishing your cost budget or net proceeds from a sale.

Expected closing costs:

There are certain reasonable & customary costs associated with closing the sale of a house. These expenses are commonly split between the buyer and seller, as negotiated in the sales contract. Many are conventional, but there are nuances to each, so you'll want an experienced Real Estate Professional to help lead you through the process.

Closing costs that are tied to financing:

Points (optional)
Origination Charges
Appraisal Fee
Credit Report
Interest Payment
Escrow Account

Taxes commonly paid at closing:

Property Taxes
Transfer Taxes and Recording Fees

Insurance fees due at closing:

Homeowners Insurance
Flood or Quake Insurance (optional)
Private Mortgage Insurance (PMI) (optional)
Title Insurance

Sellers:

As we negotiate your sale, we'll not only work to get the optimal sales price, but we'll also advocate for lower closing costs. One very useful tool that we can create for you is a "Net Sheet". This spreadsheet will outline all of the costs, fees and expenses you will incur during the transaction and show you exactly what your net proceeds will be at the time of closing.

Buyers:

If you are purchasing real estate in the State of Florida, the lender is required to provide you with a written Loan Estimate (LE) which outlines the estimated closing costs, fees and expenses associated with your new mortgage. The estimate is based on the loan officer's prior experience and is required to be within a customary range, so you're not stunned when you show up at the closing table. We're glad to review the LE with you, answering your questions and highlighting any estimates that seem unusual. Also, at least 3 days prior to closing, the lender is required to provide you with an updated and final accounting of the actual closing costs of your loan. This final accounting is called a Closing Disclosure (CD) and must not vary or change by a certain percentage to comply with federal guidelines. Please ask your loan officer for specific details of these requirements when you are interviewing your lender and before you make your loan application.