{"id":8881,"date":"2022-02-28T06:33:34","date_gmt":"2022-02-28T06:33:34","guid":{"rendered":"https:\/\/cloud01.titletapsites.com\/foliotitle\/?p=8881"},"modified":"2022-02-28T06:33:34","modified_gmt":"2022-02-28T06:33:34","slug":"understanding-closing-costs","status":"publish","type":"post","link":"https:\/\/cloud.titletapsites.com\/foliotitle\/understanding-closing-costs\/","title":{"rendered":"Understanding Closing Costs"},"content":{"rendered":"<p>Haga<a href=\"https:\/\/foliotitle.com\/entendiendo-los-costos-de-cierre\/\"> clic aqu\u00ed<\/a> para leer Entender los Costos del Cierre en Espa\u00f1ol<\/p>\n<p>\u201cHow much is this closing going to cost?\u201d asks the buyer.<\/p>\n<p>\u201cHow much money am I going to receive in my pocket after the closing costs?\u201d asks the seller.<\/p>\n<p>These are two frequently asked questions as buyers and sellers think about closing a deal. In this blog post, we will review some of the most important closing costs for buyers and sellers, which are costs related to title services, and which costs are mandated and set by government regulation.<\/p>\n<p>The first place to start understanding who must pay which costs is the Purchase and Sale Agreement. In the FARBAR AS IS version of the contract, you can find the distribution of cost in Section 9 \u2013 CLOSING COSTS, FEES, AND CHARGES. We will focus on the first three sections and briefly explain the meaning of the different costs.<\/p>\n<p><strong>Seller Costs<\/strong><\/p>\n<ul>\n<li><strong>Deed Documentary stamps taxes and surtaxes<\/strong> \u2013 Documentary stamp taxes are taxes on documents that transfer interest in Florida real property, such as warranty deeds and quit-claim deeds. In Florida, the tax is $0.70 per every $100 of property value (or proportion). The Miami-Dade County rate is $0.60 on all documents plus $0.45 surtax on documents transferring anything other than a single-family residence, for example, a commercial building).<\/li>\n<li><strong>HOA\/Condo Estoppels<\/strong> \u2013 These are fees imposed by Condos and HOAs for providing documents and statements (known as estoppels) showing the status of payments made to them by the seller. If the seller owes any past fees, the estoppel will reflect any balance. Estoppels should also reflect if the condo or HOA have any pending special assessments or litigation against the association. These fees vary widely depending on the association.<\/li>\n<li><strong>Recordings and other fees needed to cure title<\/strong> \u2013 Recording is the act of registering a document into the official public records. Usually, the types of documents that are recorded affect title to real property. The costs for recording documents are $10 for the first page and $8.50 per additional page.<\/li>\n<li><strong>Title Related Costs<\/strong> \u2013 Title related costs include title insurance, title search, lien search. These costs are assigned to the buyer or seller depending which option is chosen in section 9(c).<\/li>\n<\/ul>\n<p><strong>Buyer Costs<\/strong><\/p>\n<ul>\n<li><strong>Taxes and recording fees on notes and mortgages<\/strong> \u2013 Tax rates and recording fees on notes and mortgages are set by the state and are required payments in cases where buyers purchase a property with a loan.\n<ul>\n<li>A <strong>mortgage doc stamp tax<\/strong> must be paid in all transactions where the buyer is obtaining a mortgage. It is calculated as $0.35 per 100 in value.<\/li>\n<li><strong>Mortgage intangible tax<\/strong> is a buyer cost that is calculated as $0.20 per 100 on the mortgage amount.<\/li>\n<li>The length of a mortgage document varies, but mortgages from commercial lenders can sometimes be more than 20 pages. The costs for recording documents are $10 for the first page and $8.50 per additional page.<\/li>\n<\/ul>\n<\/li>\n<li><strong> Recording fees for deed and financial statements<\/strong> \u2013 The length of a deed document is usually three to four pages. The costs for recording documents are $10 for the first page and $8.50 per additional page; this is government fee.<\/li>\n<li><strong>Boundary Survey<\/strong> \u2013 A survey is required on any purchases done with a mortgage. Surveys are optional on cash deals, but always highly recommended. Surveys are not performed on condo properties. The cost of a survey varies depending on the size of the property. There are different kinds of surveys; a Boundary Survey is required for purposes of clearing title and closing. However, if Buyers plan to do any kind of construction on the property, perhaps a Construction Survey may also be needed.<\/li>\n<li><strong>Loan Expenses and Appraisal Fees<\/strong> \u2013 The cost of an appraisal and other loan expenses are those associated with a loan obtained from a lender in a purchase of property. These expenses are variable and will depend on the lender and the appraiser.<\/li>\n<li><strong>HOA\/ Condo Application<\/strong> \u2013 Condos and HOAs usually have fees associated with applying. They vary widely depending on the association.<\/li>\n<li><strong>Buyer\u2019s Inspector<\/strong> \u2013 Buyers usually have an \u201cinspection period\u201d where they can inspect the house and understand its current condition. A buyer can choose to waive the inspection period. If the buyer chooses to do an inspection, there is no technical requirement to hire a certified inspector. However, it is highly recommended a formal inspection is done by a certified inspector before purchasing a house, and this would be a cost the buyer incurs as part of their due diligence of the home.<\/li>\n<li><strong>All property related insurance<\/strong> \u2013 Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft. Property insurance can include homeowners insurance, renters insurance, flood insurance and hurricane insurance. Property insurance should not be confused with title insurance. Property insurance relates to the physical condition of the property whereas title insurance related to the legal conditions of the property. Property insurance is a requirement when a loan is taken to purchase a property, and is recommended for all homeowners.<\/li>\n<\/ul>\n<p><strong>Title Related Costs<\/strong><\/p>\n<p>Title related expenses are distributed amongst buyers and sellers according to the Purchase and Sale Agreement. In the FARBAR AS IS contract, the distribution of title related expenses are specifically governed by the options under section 9(c). Below is a summary of these expenses and who pays for them. <a href=\"https:\/\/drive.google.com\/file\/d\/1SDJtX7eq9DuJjPHF3zUhSvC_3bG1HSn3\/view?usp=sharing\">Download Summary of Title Related Expenses.\u00a0<\/a><\/p>\n<ul>\n<li><strong>Owner\u2019s Title Insurance Policy<\/strong> \u2013 An Owner\u2019s title insurance policy protects buyers from financial loss due to defects in title commonly found in public records. Rates for title insurance are regulated by the state of Florida and are published as minimum promulgated rates. It is important to review the rates being charged to a buyer to ensure they are not being overcharged.\n<ul>\n<li>Who pays for what? Depends which option is selected on 9(c).\n<ul>\n<li>Option (i) \u2013 Seller Pays<\/li>\n<li>Option (ii) = Buyer Pays<\/li>\n<li>Option (iii) = Buyer Pays<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>Lender\u2019s Title Insurance Policy<\/strong> \u2013 A lender\u2019s title insurance policy protects lenders from financial loss due to defects in title commonly found in public records. A lender\u2019s policy is required by law when a loan is involved. When a buyer obtains an owner\u2019s policy simultaneously with a lender\u2019s policy, the lender\u2019s policy is not charged at full cost, but rather a \u201csimultaneous policy\u201d charge of only U$25 is charged, plus any corresponding \u201cendorsements\u201d required by the lender to insure the lender. Endorsements have different costs; some endorsements have a fixed cost and some are tied to the value of the insurance policy.\n<ul>\n<li>Who pays? A lender\u2019s title insurance policy is always a buyer\u2019s cost.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Title Search<\/strong> \u2013 A title search is a detailed search of the property records for your home. The search, performed by an attorney, will look at prior deeds, court records, property and name indexes, and many other recorded documents. This is to ensure that there are no liens or problems associated with your ownership of the property.\n<ul>\n<li>Who pays? Depends which option is selected on 9(c).\n<ul>\n<li>Option (i) \u2013 Seller Pays<\/li>\n<li>Option (ii) = Buyer Pays<\/li>\n<li>Option (iii) = Seller Pays<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>Municipal Lien Search<\/strong> \u2013 A Municipal Lien Search will thoroughly investigate any violations, permits, unrecorded liens, taxes and utilities that are associated with the property. Lien search costs vary depending on the city and county where the property is located. Lien search turnaround times also vary. Here is a Guide to Lien Search Turnaround Times in Miami-Dade and Broward Counties.\n<ul>\n<li>Who pays? Depends which option is selected on 9(c).\n<ul>\n<li>Option (i) \u2013 Seller Pays<\/li>\n<li>Option (ii) = Buyer Pays<\/li>\n<li>Option (iii) = Seller Pays<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>So who pays for what when buying or selling a home? \u201cIt depends!\u201d The exact answer, however, lies in the Purchase and Sale contract.<\/p>\n<h5><span style=\"font-weight: 400\"><strong>CLOSING QUOTE<\/strong><\/span><\/h5>\n<p><span style=\"font-weight: 400\">To provide you an estimate of buyer or seller closing costs and proceeds, please provide us with the information below:<\/span><\/p>\n<p><b>General Information Required for All Quotes<\/b><\/p>\n<ol>\n<li><span style=\"font-weight: 400\"> Name of your client<\/span><\/li>\n<li><span style=\"font-weight: 400\"> Property Address (include unit number) and County<\/span><\/li>\n<li><span style=\"font-weight: 400\"> Purchase Price<\/span><\/li>\n<li><span style=\"font-weight: 400\"> Estimated Closing Date<\/span><\/li>\n<li><span style=\"font-weight: 400\"> Is the property governed by an association (HOA and\/ or Condo Association)?\u00a0\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400\"> Who is paying title related expenses: buyer or seller? <\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><i><span style=\"font-weight: 400\">(NOTE:If you are negotiating or have executed an FAR\/BAR AS IS contract, which option has been agreed upon:\u00a0 1. [ ]9(c)(i) &#8211; Line 158 | 2. [ ]9(c)(ii) &#8211; Line 162 | 3. [ ]9(c)(iii) &#8211; Line 164<\/span><\/i><\/li>\n<\/ol>\n<p><b>If you would like projected closing costs for a BUYER:\u00a0<\/b><\/p>\n<ol>\n<li><span style=\"font-weight: 400\"> Will this property be purchased in cash or with financing? If there is a loan, what is the amount of the loan (or percentage of the purchase price that will be covered by a loan)?<\/span><\/li>\n<li><span style=\"font-weight: 400\"> Does the buyer need to pay any broker processing fees? If so, what is the amount of the broker processing fees?<\/span><\/li>\n<li><span style=\"font-weight: 400\"> Are there any credits provided to the buyer from the seller or brokers?<\/span><\/li>\n<\/ol>\n<p><b>If you would like estimated closing costs and seller proceeds for a SELLER:<\/b><\/p>\n<ol>\n<li>Is there a mortgage on the property? If so, please provide the amount of the mortgage.<\/li>\n<li><span style=\"font-weight: 400\"> Please confirm the total commissions and broker fees to be paid by the seller?<\/span><\/li>\n<li><span style=\"font-weight: 400\"> Are the sellers U.S. Taxpayers or are their foreigners (do not have a SS# or do not pay annual income taxes)? (FIRPTA may apply to non-US taxpayers).<\/span><\/li>\n<li><span style=\"font-weight: 400\"> Is the seller providing any seller credits?<\/span><\/li>\n<li><span style=\"font-weight: 400\"> Are the brokers providing any credits to the buyer or seller?<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400\">With this information, we are happy to provide you an estimate\u00a0<\/span><span style=\"font-weight: 400\">within one business day. Please email us to <\/span><a href=\"mailto:quote@foliotitle.com\"><span style=\"font-weight: 400\">quotes@foliotitle.com<\/span><\/a> or if you have any questions associated with any of the topics discussed here, please don\u2019t hesitate to contact us at hello@foliotitle.com or 786-888-6640.<\/p>\n<p><strong><a href=\"https:\/\/drive.google.com\/file\/d\/1SbR05QzDt9EfB-YvB9eJYcChCZ3zYUCY\/view?usp=sharing\" target=\"_blank\" rel=\"noopener noreferrer\">Learn More by Downloading our Guide in PDF<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Haga clic aqu\u00ed para leer Entender los Costos del Cierre en Espa\u00f1ol \u201cHow much is this closing going to cost?\u201d asks the buyer. \u201cHow much money am I going to receive in my pocket after the closing costs?\u201d asks the seller. These are two frequently asked questions as buyers and sellers think about closing a [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":8882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[30,8,11],"tags":[],"class_list":["post-8881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english","category-sales-process","category-title-and-closing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Understanding Closing Costs - Doral, FL Title Company | Folio Title LLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cloud.titletapsites.com\/foliotitle\/understanding-closing-costs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding Closing Costs - Doral, FL Title Company | Folio Title LLC\" \/>\n<meta property=\"og:description\" content=\"Haga clic aqu\u00ed para leer Entender los Costos del Cierre en Espa\u00f1ol \u201cHow much is this closing going to cost?\u201d asks the buyer. \u201cHow much money am I going to receive in my pocket after the closing costs?\u201d asks the seller. 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