|
| |
Closing Costs
In Florida most of your
closing costs are incurred in connection with obtaining a
mortgage. However, even if you are not obtaining a mortgage,
you can expect the following standard closing costs:
- Inspection Fees: You will probably want a
licensed inspection company to check out the roof structure and
appliances as well as check for termites.
- Survey: States the exact boundaries of your
property and determines that there are no unusual easements
running through your property.
- Title Insurance: Title insurance provides you
with a coverage and peace of mind if for some reason your title is
clouded.
- Casualty and Flood Insurance: Obviously,
investment protection from fire or storm.
- New Construction: Most developers charge a
closing fee of between 1.5% and 1.75% to cover the cost of Florida
Documentary Stamp Taxes and Title Insurance.
- Closing Fee: Charged by the closing agent for
conducting the settlement.
- Real Property Taxes and Homeowner Association Fees:
These items are prorated at closing.
- Title Examination: Charged by the closing agent
for examining the status of title on the property
- .Recertification Fee: Charged by title company for
post-closing of all recorded instruments before issuing final
title policies.
Closing Costs for Obtaining a
Mortgage or refinancing an Existing Mortgage
Most lenders will charge for many of these items. Be sure
to request a Truth and Lending Disclosure form before commiting to a
loan. This disclosure form will tell you about all of your
closing costs such as:
- Application Fee: This fee is charged by the
lender; it is usually paid before the closing.
- Underwriting Fees: Charged by the lender; this fee is
for approving the loan.
- Tax Service Fee: Charged by the lender; to
monitor payment of property taxes.
- Loan Originating: Charged by the lender for
giving you the loan.
- Document Preparation Fee: Charged by the lender for
preparing all the documents.
- Prepaid Interest: if you close on any day other
than the last day of the month, you will need to prepay interest
for the rest of the month. Your next mortgage payment,
however, it won’t be due until 30 days after the 1st day of the
followng month.
- Settlement Fee: Charged by the closing agent for
closing your loan.
- Title Examination: Charged by the closing agent
for examining the status of title on property
FILE STATUS SEARCH
ENGINE
|
