Closing costsClosing Costs

Closing costs are fees at the closing of a real estate or property transaction. The closing is when the title of the home or property is transferred to the buyer, from the seller. Closing costs can be shared by both buyer or seller but certain costs are normally to one or the other. Our closing costs estimator is designed to give you an estimate to help you in making purchasing, selling, and negotiating decisions. The numbers here are estimates so feel free to edit and change them to fit your closing cost circumstances but rely on your closing cost statement, HUD, or closing disclosure for accurate numbers.

.

Seller Closing Costs explained

  • Broker’s commission. If you’re using a full-service brokerage firm, expect to pay anywhere from 4 to 7 percent of the sales price. If you’re using a discount broker, or if you’ve sold by-owner, your cost may range from a few hundred dollars to 3 percent of the sales price.
  • Recorded release of mortgage. As a home seller, you need to pay off your old mortgage, home equity line of credit (HELOC) and other liens that affect your property. To release each one of those liens, you may have to file a lien release document and the cost to record that document can range from $20 to $150.
  • Escrow Closing Costs Title company fees for holding, processing and meeting conditions of both buyer, seller, and any financial entity party to the sale.
  • Transfer fees. Sellers usually have some of these fees for processing the sales papers, move-out deposits, preparation of closing documents and even inspection fees.
  • Title Search. Charges for the basic title search and processing, “update fees,” “policy issuance fee,” or “endorsement fees”. Some fees are as low as a couple of dollars and others up to $200 or more.
  • Title insurance. The cost of the policy depends on the sales price of the home and its cost can vary from a couple hundred dollars to several thousand dollars. Florida is .575% up to 100,000 Plus .5% above 100,000.
  • ALTA 8.1 & Florida Form 9 Specific charges to the state of Florida.
  • Title Abstract Condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.

Buyer Closing Costs explained

  • Appraisal; A valuation of property by the estimate of an authorized person and conducted by a licensed appraiser. In order to be a valid appraisal, the authorized person will have a designation from a regulatory body governing the jurisdiction the appraiser operates within.
  • Home inspection fees. Limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings. The client then uses the knowledge gained to make informed decisions about their pending real estate purchase. The home inspector describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components
  • Survey. The price for a plat of survey can range from $150 to $600. While not all states have the custom of having the seller deliver a plat of survey to the buyer, some states have increased surveying standards and survey fees have increased.
  • Flood Certification While Federal Emergency Management Agency flood maps are used to determine whether or not a property is in a FEMA-designated flood plain, it is often necessary to hire a surveyor or engineer to fill out the certificate. These certificates are required if a person is borrowing money for a home.
  • Well & Septic When buying or selling a property with an Onsite Sewage System most purchasers and lenders require an inspection and certification that the septic system is functioning properly and with routine maintenance is expected to function properly for the foreseeable future.
  • Origination Fee charged by a lender to cover administrative costs of processing a loan.
  • Lender Processing The lender processing fee covers the cost of analyzing your loan application and compiling and packaging the necessary supporting documentation to close your loan.
  • Title insurance. The cost of the policy depends on the sales price of the home and its cost can vary from a couple hundred dollars to several thousand dollars. Florida is .575% up to 100,000 Plus .5% above 100,000.
  • Interest on loans to be paid off. Home sellers often forget that the interest owed on most home mortgages and home equity line of credits (HELOC) are paid in arrears. That means that you pay the interest on that loan not in advance but for the month that just ended. Your June 1st payment to your lender paid interest on that loan through the end of May. So a closing on June 15, will require you to pay up interest at the closing through June 15 or the date the lender actually receives the loan payment. A seller thinking his loan balance is $111,111 will be surprised to find out that his actual payoff to his lender at closing will be more than that amount.
  • Lender fees. Most lenders now charge a fee to fax the demand statement or payoff statement to you or the closing agent. When you go to sell your home, you need an official statement from your lender itemizing to a specific date the amount of money needed to pay off your debt.
Anytime Realty Lynn Bown serving House for sale North Port Fl, Homes for sale Port Charlotte Fl, Houses for sale Punta Gorda Fl, Property for sale Rotonda Fl, Properties for sale Arcadia Fl, buying home Englewood Fl, sell home Lake Suzy Fl, waterfront houses South Gulf Cove Fl, realtors Venice Fl
Our closing costs estimator can help you estimate your total closing expenses. When working with the calculator, please remember the dollar amounts displayed aren’t guaranteed, and what you actually pay may be different. The estimates you receive are for illustrative and educational purposes only.

Security Code:
security code
Please enter the security code:

Submit