WHAT COSTS ARE RELATED TO THE SALE:

Seller Expenses-Cash Transaction

  1. Pay off the existing mortgage(s) & lines of credit & equity
  2. Prepayment Penalty
  3. Real estate commission
  4. Search, exam and closing fees *
  5. Process satisfaction of mortgage (approx $25) for each mortgage
  6. Doc stamps on deed (approx. $0.70 per $100 based on sales price **
  7. Courier fee if applicable
  8. Home Warranty if applicable
  9. Taxes prorated to date of closing
  10. Owner’s title insurance policy, if applicable, as per sales contract**
  11. Any special assessments due

Sellers Expenses for FHA/VA loans 

  1. Real estate commission
  2. Loan discount points (negotiable)*
  3. Final inspections (negotiable)*
  4. Inspection required by VA/FHA contract*
  5. Tax service fee (approx $55-$100)
  6. Underwriting fee (approx $100-$250)
  7. Document preparation fee (approx $100-$250)
  8. Processing fees (approx $175-$225)
  9. Search, exam and closing fees **
  10. Process satisfaction of mortgage ($25 for each payoff)
  11. Owner’s title insurance policy, if applicable, as per sales contract**
  12. Courier fee if applicable
  13. Doc stamps on deed (approx. $0.70 per $100 based on sales price) **
  14. Assignment of mortgage if applicable (approx $25)
  15. Termite inspection – VA only (approx $50-$100)
  16. Home warranty if applicable
  17. Pay off of existing mortgage(s)
  18. Other non-allowable fees may apply (approx $200-$300)
  19. Any special assessments due

*Please check with lender for these costs and any other charges lender may require. A lender is required to prepare a good faith estimate for any costs incurred in connection with a new mortgage.

**Owner’s Title Insurance Policy: Owner’s title insurance, search, exam and closing fees are based on the county for which the property is located or contractual agreement between both parties.   Title insurance cost is mandated by the State of Florida.

 

 Mortgage Pay Off & lines of credit/equity:  Before the closing, you will sign a release for the Title Company or Attorney to get the amount that will be owed at the day of closing.  This will allow the Closing Company to prepare the closing documents and they will issue a check out of your proceeds at the closing to pay off your outstanding mortgage.As with the mortgage pay off, you will have to authorize the closing company to get this information.  If there is any amounts owed, they also will be paid off and any lines of credit closed. 

 Prepayment Penalty:  Often, sellers think that all that is owed is the amount showing on their last statement.  This is not always true.  A prepayment penalty could be in your mortgage.  You may also owe interest depending on the day of the month that you close.

 Real Estate Commission: This the the $ amount or percentage you ageed to when you signed the listing contract. 

Search fees & Unpaid Taxes/Liens:  There is a cost for the title & lien search. This is why title work is important prior to closing to see if there are any liens or unpaid taxes on the title. In addition, any unpaid taxes or liens will also have to be paid the day of closing. Florida taxes are paid in arrears therefore you will owe for your prorated portion of the year. The closing company cuts these checks out of your proceeds and pays them on your behalf.

Special Assessments:  Special assessments are things like water, sewer, road or other local government improvements that were assessed to the property.  In most cases they must be paid off, in others, they can be assumed by the buyer.  If they are to be paid off, again the closing company will pay these out of your proceeds.