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What are the Costs Associated With Closing a Home in Florida?

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If you’re in the market to purchase a property in Tampa, Florida, there are costs associated with closing the sale. And there are also costs the seller is responsible for. Here are the usual closing costs that a buyer and a seller must both pay.

Buyer: Closing Costs in Florida for Cash Deals

If purchasing a property in Florida with cash, make note of these three closing costs:

  • Deed recording fees
  • Inspection
  • Attorney fees

Buyer: Closing Costs in Florida for Financed Deals

Here are eight additional closing costs you must pay if you finance the purchase:

  • Taxes/recording fees on mortgages and notes
  • Intangible tax on mortgage
  • Recording fees
  • Survey
  • Lender origination fees
  • Lender’s title policy and endorsement
  • Appraisal fees
  • Pest inspection

Seller: Closing Costs When Selling a Property in Florida

The seller’s closing costs are stated in the real estate contract. These costs include:

  • Surtax on the deed and documentary stamp
  • Charges for title search
  • Leftover HOA/Condominium Association fees
  • Recording and other fees when curing the title
  • Attorney fees
  • Realtor’s commission

Important Note for Buyers and Sellers About Title Insurance

Purchasing title insurance protects you against claims that you aren’t the rightful owner of the property. If financing, lenders require you to purchase it. Cash buyers aren’t obligated, but it’s recommended they do so to protect themselves in the future. In some counties in Florida, the seller must pay for the title insurance.

Remember, though, that sellers can’t require a buyer to use a specific title company as a condition of the sale. Buyers can sue a seller who violates this provision.

Stephen K. Hachey can help you wade through this difficult process to reach a positive solution. Call 866-200-4646 today!

***The opinions in this blog are those of the author whom takes full responsibility for the content. Like all other content on the site, this does not constitute legal advice and is for general information purposes only.***