Closing Costs
Anticipated Closing Costs
There are certain basic costs linked to closing the sale of a house. These costs are often divided between the buyer and seller, as directed in the sales contract. Many are conventional, but there are nuances to each, so you'll want a real estate expert in Florida to help direct you through your process.
Closing costs that are tied to your mortgage
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
At closing, the following taxes are usually paid
- Property Taxes
- Transfer Taxes and Recording Fees
Tax Closing Costs+
Property Taxes
This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in which the buyer occupied the property.
Transfer Taxes and Recording Fees
This is the cost for transferring ownership of the property and recording the purchase documents. The fee is often calculated as a percentage of the sales price.
At closing, these fees are often due
- Homeowners Insurance
- Flood or Quake Insurance (optional)
- Private Mortgage Insurance (PMI) (optional)
- Title Insurance
Sellers:
As we get through the details of your sale, I'll not only work to get the very best sales price, but I'll also push for reduced closing costs. And once we've come to an agreement, I'll give a detailed list of the closing costs so you are informed of exactly where your money is going.
Buyers
When buying real estate in Orange Park, you'll be given a "Loan Estimate" (LE) of closing costs within three days of submitting your loan application and a "Closing Disclosure" no fewer than three days prior to closing. These estimates are based on the loan officer's previous experience and are required to be within a suitable range so you're not shocked when you show up at closing time. I'll be willing to look over the estimate with you, answering your questions and highlighting any estimates that seem questionable.
Finding the right home at the right price is just one part of a home sale or purchase. The Coffey Group is seasoned at aiding both buyers and sellers when it comes to closings. E-mail or call me today at (904) 215-4432 if your needs include a real estate pro experienced in the business side of buying and selling.
