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| CUSTOMER INFORMATION |
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| Customary Seller Expenses |
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Title search and closing fee* |
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Owner’s title insurance policy* |
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Real estate sales commission |
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Payoff of existing mortgage |
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Home warranty (if applicable) |
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Taxes prorated to date of closing |
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Doc stamps on deed $.70 per $100 based on sales price (Miami-Dade counties $.60 per $100) |
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Courier and wire fees, if applicable |
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| Customary Buyer Expenses |
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Simultaneous issue of lender title policy |
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Endorsement charges to lender’s title policy |
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Survey |
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Termite inspection |
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Home inspection |
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Taxes prorated to date of closing |
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Homeowners association dues and transfer fee (when applicable) |
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Condominium approval fees and due (when applicable) |
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1st year homeowners’ insurance and flood insurance (when applicable) |
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Recording fees for deed $10.00 first page; $8.50 each additional page and total recording of mortgage at approximately $180 |
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Doc stamps on mortgage $.35 per $100 based on mortgage amount |
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Intangible tax on mortgage $.002 x mortgage amount |
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Customary Lender Costs and fees: **(below) |
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Prepaid interest – day of closing through the end of month |
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Loan origination and points |
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Credit report |
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Appraisal |
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Tax service |
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Underwriting |
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Document preparation |
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Private Mortgage Insurance (PMI) |
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Assignment of mortgage |
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Flood certification |
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*Customs can vary by county in Florida as to who pays Owner’s Title Insurance, search and closing fees or based on contractual agreement with parties. Work with your Realtor and call us directly for the most accurate details and pricing!
**Work closely with your lender for these costs and other charges they may require. The lender’s good faith estimate for all cost incurred on a new mortgage is a great place to start. |
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| Title Insurance Value Proposition |
| A Value Proposition describes the benefits the product delivers and why it is worth your money. |
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Title insurance provides coverage for losses due to defects in the title that occurred prior to your ownership. It is your only protection against things such as unpaid taxes and liens, judgments against the seller, fraud or forgery on deeds and wills, missing heirs, transfer of title by a minor or other issues that might go undetected until after closing which could possibly jeopardize your ownership and investment. |
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Title insurance is different from other forms of insurance because it insures against events that occurred before the policy is issued, as opposed to insuring against events in the future, as health, property or life insurance do. |
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Title problems are discovered in more than one-third of residential real estate transactions. These “defects” must be resolved prior to closing. The most common problems are existing liens, unpaid first and second mortgages, and recording and clerical errors of names, addresses or legal descriptions. |
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There are two types of title insurance policies. The owner’s policy protects the buyer’s equity up to the purchase price; if there is a new loan, the lender’s policy protects the lender’s interest in the property. |
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An owner’s title policy will protect and defend your investment if any claims are made against the title to your property, whether the claim is valid or not, at no additional cost to you. |
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It is a one-time fee regulated by the state and is paid at closing. |
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In a nutshell, the entire title insurance industry is in place to both assure and insure the accuracy of real estate transactions. |
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Real Estate Closing Solutions, LLC.
7575 Dr. Phillips Boulevard, Suite 140
Orlando, Florida 32819
Office: 407. 615.8550
Fax: 407.615.8555
E-mail: yourquestions@recsfl.com |
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