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 In
Florida, like elsewhere, most of your closing costs are incurred
in connection with obtaining a mortgage. However, even if you are
not obtaining a mortgage, you can expect the following closing costs:
- Inspection Fees: You will probably want a licensed inspection
company to check out the roof structure and appliances as well
as check for termites.
- Survey: You will want to make sure exactly what the boundaries
are to your property and make sure that there are no unusual easements
running through your property.
- Title Insurance: Title insurance provides you with a
"deep pocket" and peace of mind if for some reason your
title is no good or clouded.
- Casualty and Flood Insurance: Obviously, you want to
protect your real estate investment from fire or storm.
- New Construction: Most developers/builders charge a closing
fee of between 1.5% and 1.75% to cover the cost of Florida Documentary
Stamp Taxes and Title Insurance.
- Closing Fee: Charged by the closing agent for closing
on the property.
- Real Property Taxes and Homeowner Association Fees: These
items need to be prorated at closing depending on the time of
year.
- Title Examination: Charged by the closing agent for examining
the status of title on the property.
- Recertification Fee: Charged by title company for reviewing
recorded deed and issuing title policy.
Closing Costs for Obtaining a Mortgage or refinancing an Existing
Mortgage
Most lenders will charge for many of these items. Be sure to request
a Truth and Lending Disclosure form before committing to a loan.
This disclosure form will tell you about all of your closing costs
such as:
- Application Fee: Charged by lender; usually paid before
closing; can range from $50 - $550.
- Underwriting Fees: Charged by Lender; the fee for approving
the loan.
- Flood Certificate Fee: Charged by Lender to determine
if property is in flood zone.
- Tax Service Fee: Charged by Lender to monitor payment
of real property taxes.
- Loan Origination: Charged by Lender for giving you the
loan.
- Loan Discount Fee: Charged by lender for reducing the
interest rate on the loan.
- Document Preparation Fee: Charged by Lender for preparing
loan documents.
- Escrow's: Some lenders require you to escrow money in
advance for real estate taxes and insurance.
- Prepaid Interest: If you close on any day other than
the last day of the month, you will need to prepay interest for
the rest of the month. Your next mortgage payment, however, won't
be due until 30 days after the 1st day of the following month.
- Settlement Fee: Charged by the closing agent for closing
your loan.
- Title Examination: Charged by the closing agent for examining
the status of title on the property.
- Title Insurance: Required by Lender to close. Big savings
are available if closing on loan is coordinated with the purchase
of the property.
- Intangible Taxes: .0020 % of loan amount charged by State
of Florida at closing.
- Documenting Stamp Taxes: .0035% of loan amount charged
by Florida at closing.
- Recertification Fee: Charged by title company for reviewing
recorded deed and issuing title policy.
Weston Title & Escrow's Rates and Fees
Title Insurance rules in Florida are highly regulated. Therefore,
your selection of a title company will usually be based on the company's
reputation for service as opposed to price. The Florida Promulgated
Rate for an owner's title policy is as follows:
$5.75 per $1,000 of value up to $100,000
(or $575 for $100,000 of property value).
$5.00 per $1,000 of value up to $1,000,000
(or $500 for every 100,000 of property value)
**Above $1 million, please call us.
Additional charges are as follows for closings that include a purchase
with a mortgage:
Closing fee: - $225
Simultaneous Closing fee: - $25
Title Examination: - $150
Recertification Fee: - $75
Some lenders require a number of endorsements to their title policy
which could add an additional 10% to the cost of the lender's title
policy.
Miscellaneous
** To see how much of a mortgage you can afford, check out our
mortgage calculator.
** If you would like us to contact you with periodic developments
or information that may be of use to you such as special low rates
from our preferred lenders, please provide us your email address
on this inquiries form.
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