Upon the sale of real property, additional costs may be required by the buyer and/or seller in the form of Closing Costs. For buyers in South Florida, it can be as much as 2-5% of the purchase price. To name a few, the following is a list of known major Closing Cost items typically charged to the Buyer and/or Seller.
Attorney fees, Abstract Charges, Hazard/Flood Insurance, Real Estate Taxes,
Settlement Fees, Title Insurance, Prepaid Interest & Escrow, Real Estate Commission, Appraisal Fees, Lender Service Fees, Mortgage Transfer Fees, Credit Report Fees, Discount Points, Endorsement Fees, Loan Origination Fees, Intangible Tax, Survey Fees, Doc Stamps, Homeowners Association Fees, Recording fees.
*Not all of the costs apply in every transaction. The Lender and/or the Title company will supply the Buyer and/or the Seller specific costs prior to closing.
The buyer's and listing agent services are generally paid by the seller upon the completion of the sale of Real Estate property.
When it comes to financing, the mortgage interest rates and discount points vary with the different financial institutions and the market place on a daily basis. The buyer has the right to select the lender and the right to negotiate the financial terms and conditions of the agreement.
When buying and applying for a loan, your lender is required to provide you within 3 days of application with a closing costs sheet as well as an Official Loan Estimate providing the details of the loan. Here's an example:
In Florida, all contracts for the sale of real property are required to be in writing to be enforceable and to comply with the law. The buyer and/or seller have the right to have legal counsel review all forms and to represent them.
The buyer has the right, at their expense, to have the property inspected for any of the conditions that may adversely affect the property, including but not limited to: General Home, Roof, Termite, Radon, Septic, Mold and Chinese Drywall.
If you're thinking of selling or buying a home, meet with a Realtor like us for a consultation. You'll be surprised at how many things are brought up to your attention and facilitated for you , which you might otherwise overlook. Don't transact alone, we're here to help you.