Keys and lock the door on the background of solar garden

When you have a client that is incredibly excited to purchase a home, maybe even their first home, or sell a home, it’s important to understand their expectations and help them build the idea of closing costs into the costs they consider when preparing to offer or accept an offer. As Orlando closing agents, we understand there is a lot to consider. That’s why we’ve compiled this quick guide of costs to consider.

For Buyers

Your buyer has found what they think is the perfect home, and they are ready to move forward! Here’s what costs to consider.

  • Fees: There are a number of required fees during a closing. There is a recording fee for the deed and there is also a closing fee that covers the administrative services provided in the closing.
  • Surveys and Inspections: Before a home is purchased, there often is a home inspection, termite inspection, and survey. These are to protect the buyer.
  • Lender’s title policy: This policy needs to be issued and endorsements need to be added.
  • Insurance and Dues: In order to fully prep to move in, buyers need to get homeowners and possibly flood insurance. They also need to pay any HOA dues.
  • Other Items: There are also costs like doc stamps and an intangible tax on the mortgage.

For Sellers

For sellers, tying up loose ends is the name of the game.

  • HOA Items: Sellers usually pay a homeowner’s association estoppel fee and dues through the date of official closing.
  • Fees: When closing, there are fees including a mortgage satisfaction and a closing fee that are applicable. Additionally, sellers usually pay their Realtor a commission on the sale.
  • Title-Related Costs: When closing, a title search is done. Additionally, the seller usually pays for the owner’s title insurance policy to ensure the new owner has clear title and ownership.
  • Home-Related Costs: Sellers pay off their existing mortgage, and if offered, they pay for the home warranty.
  • Taxes: Obviously, the seller pays their taxes prorated to the date of closing.
  • Doc Stamps: Lastly, sellers pay for doc stamps for their deed.

The closing on a home can be complex, but with Orlando closing agents from real estate closing solutions, it doesn’t have to be. Contact us today to ensure a smooth and hassle free closing for your client and to get more information about the costs of closing.