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Old 02-20-2007, 01:34 PM
 
29 posts, read 123,383 times
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Prichard looks pretty dead on... we just bought a house last week in Ocala and paid a total of about $5300 or so...

Because of the good rate we got on our loan, we had to escrow (first time ever)... so $1400 of that was our home owners insuarnce I think (14 months worth) and then another small pile for property taxes.

So if you have to escrow your taxes and insurance, depending on how exhorbitant your taxes are, I could see $15k...

We are now going through the headache of figuring out how to get our stuff down there
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Old 02-20-2007, 05:43 PM
 
Location: Florida
2 posts, read 5,171 times
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Originally Posted by lionking View Post
I just did a little search to see if I find some info on closing costs in FL,didn't find much.

Im wondering because,my realtor has told me that at least here in the Miami area for a house in the 300k range,closing costs run around 15k.Is this true?

How is this exactly calculated?Are there set fees or based on sale price?Are closing costs similar throughout Florida?

15k seems a bit excessive to me,Im willing to cover some of the closing for a potential buyer but I want the lowdown.

Also,lets say someone buys a house paid cash,does this affect the closing costs?This I want to know because I plan on doing this and I need to know what I 'll have to lay out besides buying the house,which will effect the amount and size of a house I'll be able to buy.

thanks
Several of your respondents haven't actually answered your question. You owe your mortgage balance, if applicable, plus 30 +/- days of interest (depends on date of receipt of payoff funds), real estate commission per your listing agreement, documentary stamp taxes (if your contract says you pay but they can be negotiated) which is calculated at .70/cents/per hundred or .0070 x sales price ($300K is $2,100); closing/settlement fee, usually $75-150 unless a law firm does it (then more), pro-rated real estate taxes (Jan 1 - day before closing); owner's policy of title insurance (also negotiable) which is $525 first $100K, then $5.00 per 1,000 thereafter ($300K should be $1,575), and any unpaid assessments. You should add plus/minus $250 for unknowns or overages charged, e.g., payoffs delivered, doc prep, etc. That really should be about it. The two most expensive items, title policy & doc stamp taxes can be negotiated between the buyers and sellers. In Florida it's just customary in certain counties that a buyer or seller pays these items - certainly not "carved in stone". If you pay any buyer's costs then you should clarify with the LENDER what will be permitted since that is dictated by your buyer's loan requirements. You don't want to find out in 8 weeks that your buyer cannot close without 5% in credits from you for costs and their loan product only permits 3%, or that you are granting a closing costs credit to used for repairs when a loan product may not permit that - instead the repair must be effected (which affects your bottom line). Good Luck!
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