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Old 07-08-2008, 01:25 PM
 
128 posts, read 398,097 times
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Can anyone advise what the approx. closing costs are when buying a new build property from builder. Is it usual practice to just complete using the builders lawyers etc or do we need to instruct our own legal people.

Urgent reply please if anyone give advice.
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Old 07-08-2008, 03:00 PM
 
Location: Palm Island and North Port
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Every deal is different. Sometimes the builder will pay a portion of the closing costs, often they drop the price. They usually like you to use their lender, then the have control over the deal. They don't want you dealing with some fly-by-night company. I don't know the lender or builder that you are using so it's hard for me to comment on that but yes, it is common practice to use their companies:

Let's take a 200K deal:

Title insurance would be $1075 search & exam would be about $200.

Your portion of the taxes depending on the time of year you close. So if it was in the middle of the year you would split it half and half.

Closing fees should be around $250-$350, could be a little more if it’s a lawyer.

Doc stamps on the mortgage, if you mortgage the whole 200K- is $700.

Most all of the other fees would come from your lender and the fees depend on who is doing it- origination fee, etc.

These are the main fees. Anything else would be like a water hookup, garbage, which in many cities is included in the taxes.

Hope this helps and good luck with your purchase!
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Old 07-08-2008, 03:21 PM
 
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I would not venture to guess what an average would be for a new home in the area. Some home builders right now are using closing costs as an incentive to buy. As SoFLGal stated, normally builders like buyers to use their lenders. However, it may not be in your best interest to use the builders lender. You probably can get a better rate in most cases if you do some homework. For some added security, its good to have a professional real estate attorney.
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Old 07-08-2008, 03:27 PM
 
Location: Sarasota FL
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When applying for a mortgage, you're given a 'good faith estimate of closing costs' form listing everybody and their uncle with their hand out for a piece of the action, who will be there and where. The way the question is written with the comments, seems to me there is no approved mortgage.
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Old 07-08-2008, 04:15 PM
 
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Thanks for replies. We will not be taking a mortgage. It will be a cash purchase. So I dont think there would be extra costs for that. Some of your replies mention tax payment for part of the year. Is this property tax. What else is included in the closing please.
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Old 07-08-2008, 04:22 PM
 
Location: Palm Island and North Port
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Yes, this would be property taxes. They would figure it out to the day you close. The above is an example since we are a little more than half way through the year. Obviously, you would not have any of the lending fees if you are paying cash. Like Carbondated suggested, it would be wise to have an attorney look over the contract. We often use Ernie Sturges, in Port Charlotte, 941-625-6666. If the contract was written by the builder I would assume he would look it over for relatively cheap. Hmmm...cheap and attorney usually don't go in the same sentence. I would say it should not cost you too much.

I don't know of any other fees unless the builder is coming up with something else.
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Old 07-08-2008, 06:41 PM
 
Location: Sarasota FL
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Being that it's a new house, the tax will be for the lot only. Six months of a lot tax isn't all that much. Any tax you pay will be for the 6 months the builder doesn't own the lot as a credit to them. Maybe the builders are nice people and will pay the whole year amount. It doesn't hurt to ask them as part of the deal.
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