Closing Costs.  Closing costs are regulated by federal and state laws plus some Veterans Association regulations.  Closings in Florida can be done at a lawyers office or at title companies who specialize in real estate.  Although some items can be negotiated between the buyer and seller, other expenses are fixed and everyone should review a closing cost estimate carefully before signing a contract and compare those expenses to the actual closing documents.  Some leeway is allowed if the price is changed because formulas are used on most items and they might need revision.  Because there are variations in laws from state to state and due to the difference in insurance rates, both parties should review all documents and feel free to ask questions at any time.

Customary expenses in Florida for the Buyer will include

• All loan expenses

• Survey

• Termite inspection

• Documentary stamps on the mortgage and intangible tax on the mortgage

• Recording the deed and recording the mortgage

• Home inspections

• Pre paid insurance

• Homestead Exemption

Lenders will often add charges for mailing or loan processing and these charges vary depending on the mortgage company you choose.

Customary expenses for the Seller include:

• Title insurance

• Mortgage pay off

• Termite repairs

• Documentary stamps on the deed

• Recording of any corrective instruments

• Cost for closing agent

• Cost of repairs under warranty

• Brokerage to the realtors

In addition, the VA will have fees that impact both buyer and seller and clients should remember that both parties pay some title insurance with the seller paying the larger amount.  Please address any questions on these or other expenses as early as possible in your purchasing process.

Please direct any email to Mary Jane as soon as possible.

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