Who pays for which fees in a typical real estate transaction can be very confusing, especially when many practices are dictated by local and state customs. With Real Estate Closing Solutions, we simplify this process for you.

Provided below is a list of customary expense categories that Buyers and Sellers can reasonably expect to pay in Florida. However, if you would simply like a quick and easy quote, just provide us with the property location and estimated sales price, we’ll take care of the rest.

Real Estate Closing Solutions does not charge “junk fees”. These fees are clearly prohibited by RESPA and the Florida Department of Financial Services but are occasionally charged by some less reputable title companies. Examples of “junk fees” include: wire fees, document prep fee, processing fee, courier fee and document storage fees. Regulations state that these fees are incorporated in your Closing Fee.

We look forward to answering your questions and seeing you at the closing table soon!

***Real Estate Closing Solutions, LLC covers the entire state of Florida***

Select one of the following for more information.

 

 

Seller Expenses
    • Title search – Research the title in the public records to verify ownership, that title is clear and that no liens or outstanding claims are tied to the property.
    • Closing fee – Covers all administrative services provided to clear and report all issues and requirements with all key players in the transaction, both pre and post-closing.
    • Owner’s Title Insurance policy – Insures the new owner has clear title and ownership. Typically paid for by the seller for the benefit and assurance to the buyer. See the summary of the “Title Insurance Value Proposition” here.
    • Real estate sales commission – Fees paid to the Realtors for their services
    • Payoff of existing mortgage(s)
    • Home warranty (if offered by seller) This service is also available through RECS. Contact our team or closer.
    • Homeowner’s Association Estoppel Fee (HOA pay-off statement)
    • Homeowner’s Association Dues prorated to date of closing
    • Taxes prorated to date of closing – An adjustment to ensure that both the seller and the buyer pay their share of the annual property taxes for the time they owned the property.
    • Doc stamps on deed $.70 per $100 based on sales price (Miami-Dade counties $.60 per $100) – Charges by local government entities to record the transfer of property and make it matter of public record.
    • Lender fees, if applicable and specific charges exist
    • (Contact us for a statement of estimated closing charges…all we need is your property location and estimated sales price!)

 

Buyer Expenses
    • Simultaneous issue of Lender Title Policy – The buyer’s new lender requires a Lender’s Title Policy to protect their rights in the property. This is a separate policy from the Owner’s Title Policy (protecting separate rights of the Owner.) The pricing is significantly discounted for the Buyer when an Owner’s Policy is “simultaneously” issued during the same transaction.
    • Endorsement charges to Lender’s Title Policy – Most Lenders require additional insurance coverage’s know as endorsements as a condition of the loan to further protect their interests.
    • Closing fee – Covers all administrative services provided to clear and report all issues and requirements with all key players in the transaction, both pre and post-closing.
    • Survey. Contact us for reliable referrals.
    • Termite inspection
    • Home inspection
    • Homeowners and/or Condominium Association dues and transfer fee (when applicable) – This has become a big issue over the last few years with the challenging economy and housing markets. Many HOAs now charge fees to transfer ownership and it is absolutely critical to confirm amounts paid and due, if any, from the seller to the Homeowner’s or Condo Association.
    • 1st year homeowners’ insurance and flood insurance (when applicable)
    • Recording fees for deed $10.00 first page; $8.50 each additional page and total recording of mortgage at approximately $180. These are charges by local government entities to record the transfer of property and make it matter of public record.
    • Doc stamps on mortgage $.35 per $100 based on mortgage amount
    • Intangible tax on mortgage $.002 x mortgage amount

 

Customary Lender Costs and fees: **
  • Prepaid interest – day of closing through the end of month
  • Loan origination fees
  • Points – Money paid by a borrower to the lender in exchange for a lower interest rate.
  • Credit report
  • Appraisal
  • Tax service
  • Underwriting
  • Document preparation
  • Private Mortgage Insurance (PMI), if applicable and required
  • Flood certification

*Local customs and market practices vary by county in Florida as to who pays Owner’s Title Insurance and title search fees. Many fees are based on contractual agreements with parties. Work with your Realtor and call us directly for the most accurate details and pricing!

**Work closely with your lender on these costs and other charges they may require or combine. The lender’s good faith estimate for all cost incurred on a new mortgage is a great place to start.