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 813-549-0096 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.***

There are two types of real estate contracts in Florida, including the ‘as is’ real estate contract. In a nutshell, an ‘as is’ real estate contract specifies that the person purchasing the property must do so in its existing condition without demanding the seller make any upgrades or repairs. The contract also states the purchaser has a short time period – usually 15 calendar days – to get the property inspected. Upon inspection, if the property needs repairs, the purchaser can ask the seller to lower its selling price or provide a credit at closing to cover the future repair costs. If the seller declines, the purchaser can back out of the contract within that time period.

Sellers Must Disclose Things About the Property to Prospective Buyers

If you’re debating whether to purchase a property using an ‘as in’ contract, it’s important to note a seller must disclose the following things about the property:

  • Potential or actual complaints, claims or legal proceedings
  • Disputes regarding boundaries
  • Pest damage and infestations
  • Potential or actual damage from sinkholes, whether past or present
  • Environmental hazards
  • Problems with HVAC, plumbing, roof, electrical, etc.
  • Homeowners association rules to comply by

Although it gives you less time to inspect the property, an ‘as is’ real estate contract offers more flexibility to back out of a deal if you’re a buyer.

Stephen K. Hachey can help you wade through this difficult process to reach a positive solution. Call 813-549-0096 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.***

Effective July 1, 2016, there are new property laws in Florida that apply to building codes, elevators in private residences and fumigation rules. If you’re a property owner or a property manager, here’s what you need to know about the new laws.

Changes to Florida’s Building Code

A new bill, HB 535, makes more than 30 changes to Florida’s building code, including these important ones that are most likely to impact you:

  • Exempts employees of communities with 100 or more apartments from contractor licensing requirements if performing minor repairs to existing HVAC systems if it costs less than $1,000 and they meet specific criteria
  • Allows a non-licensed electrical contractor to install some low-voltage lights
  • Requires that residential pools have an alarm that makes a sound when it detects an accidental or an unauthorized entry into the water
  • Requires a contractor or an alarm company inform property owners about any obligations they might have to register their alarm systems
  • Exempts Wi-Fi- smoke alarms or those that have multiple sensors
  • Requires Florida’s Building Code to mandate two fire service access elevators in every building above a specific height

Rules for New Elevators

A new bill, SB 1602, states new elevators in private residents must:

  • Have gates or doors that can withstand 75 pounds of force
  • Meet distance requirements between the landing door and the elevator gate
  • Meet distance requirements between the elevator shaft and the edge of the landing sill for sliding or swinging doors
  • Have a device that can stop the elevator’s downward motion at any time

Possible Upcoming Changes in Florida’s Fumigation Procedures

Right now, HB 1205 only authorizes Consumer Services and the Department of Agriculture to adopt safety procedures for residential buildings before being reoccupied. As of now, it has no impact on Florida’s fumigation rules unless they act.

Stephen K. Hachey can help you wade through this difficult process to reach a positive solution. Call 813-549-0096 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.***