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 Florida, you'll be given a Loan Estimate (LE) which outlines all of the closing costs and fees associated with your new mortgage. The estimate is based on the loan officer's prior experience and is required to be within a tolerable range so you're not stunned when you show up at the closing table. We'll be glad to review the LE with you, answering your questions and highlighting any estimates that seem unusual. 

If you should need assistance or have any additional questions, please contact Joe Bornstein, 877-333-2811, joe@rockspringsrealty.com