WHERE THE CLOSINGS ARE SMOOTH SAILING!

SELLERS & BUYERS EXPENSES

 

Closing fee, title search, and owner's title insurance premium are negotiated between the seller and buyer when preparing the contract.  In a purchase transaction generally the buyer and seller are both charged a closing fee. 

**If you find another title company or attorney's office with lower fees; Gulf Breeze Title of Sarasota will BEAT that company's price**

-Title insurance premium: This premium is based on the sales price of the property; the minimum rate is promulgated by the sate of Florida and is $5.75 per thousand up to $100,000.00, and $5.00 per thousand thereafter (up to $1,000,000.00).  Please visit our title insurance calculator or call us for a free written quote..

Seller's Expenses

Commission to realtors (if applicable).

Documentary Stamps on the Deed:  .007 x contract sales price.

Real Estate Taxes: Prorated at closing, you can pull your tax bill on line at www.sarasotataxcollector.com or www.taxcollector.com click on property tax lookup, then click on property tax, then type in your name (last name first).  You will want to print this out to have ready for prospective buyers who will want to know what the annual tax bill amount is.  Your tax bill will also show a short legal description of your property that will have to be included on the contract.

Miscellaneous Fees: courier fees for overnight delivery for existing mortgage payoffs and/or liens.

Estoppel Fees: These are fees charged by a homeowner's association/condominium association in order for them to provide us with written information regarding your dues (if applicable).  This is a condition to clear title and must be ordered by the title agent in every transaction that involves a homeowner's association/condominium association.

Buyer's Expenses

Loan Fees: Any fees charged by the lender in connection with the loan such as the credit report, appraisal, document preparation fees etc. (these fees should all be disclosed to you in a Good Faith Estimate from your lender/broker).

Interest paid in advance: the per diem interest paid from the date of closing through the end of the month.  The interest is paid in arrears thereafter.

Hazard Insurance: The first year's premium can either be paid prior to closing or collected at closing on the final HUD statement. 

**It is very important to get your homeowners insurance in place as quickly as possible, as soon as you enter into a contract.  Due to tropical storms and hurricanes in the state of Florida, insurance companies shut down when there is a possible threat at hand (this can delay your closing)**

Escrows: This is the amount that the lender determines must be collected at closing to initially fund the escrow account for property taxes and insurance.

When there is a lender involved a Mortgagee's Title insurance policy is required by the lender (this is also known as the Lender's Title Policy), Gulf Breeze Title of Sarasota charges $125.00 for a simultaneous policy in a local county, many other companies charge up to $300.00.

Survey: Generally the cost of a survey runs $250.00 - $350.00 and up depending on the size of the property (it can run more).  If the property is located in a flood zone add $85.00 or more for an elevation certificate.  We prefer to order the survey in order to control the delivery, and proper certifications required by the lender.

Termite Inspection: This fee runs $35.00 - $65.00 and must be ordered no earlier than 30 days prior to closing.  Most, but not all lenders require a termite inspection.  We prefer to order the termite inspection as well.

Home Inspection: This is not a requirement, but is recommended.  A home inspection generally runs $300.00 and up depending on the size of the property.  We will be happy to order this for you from a reputable company if you so choose.

Endorsements required by the lender:

8.1 Environmental endorsement: $25.00.

ALTA 5: $25.00 (if the property is in a planned unit development with a home owner's association).

ALTA 4: $25.00 (if the property is in a condominium association).

ALTA 6.0 or 6.1: $25.00 (if the new loan is an adjustable rate mortgage).

Florida Form 9: 10% of the owner's policy and lender's policy combined (insures the lender that there are no boundary line disputes, easements, restrictions, or encroachments which affect the validity of the mortgage).

Recording Fees: The buyer pays for recording the Deed which is generally $18.50 and also the mortgage which is around $188.50 depending on the number of pages of the mortgage.

Documentary Stamps on the Mortgage: .0035 x the loan amount.

Intangible Tax on the Mortgage: .002 x the loan amount.

**ALL OF THE FEES MENTIONED ABOVE WILL BE PROVIDED TO YOU ON YOUR LENDER'S GOOD FAITH ESTIMATE** 

**IT IS VERY IMPORTANT TO LET YOUR LENDER KNOW AS SOON AS POSSIBLE WHO YOU SELECT TO HANDLE THE TITLE CLOSING OF YOUR TRANSACTION**