What are Buyer's and Seller's cost?

Whether it's your first home ever or just the first home you're buying in Florida, it's good to know approximately what you're going to pay in closing costs, home inspections and all those miscellaneous expenses are. Here are some of the biggies! I've also included the Sellers' expenses so that you know what numbers THEY are dealing with. It's also good to know in case any of these expenses become a negotiated point!

Buyers' Expenses...

  • Home, termite, etc. inspections ($400+)

  • Survey (new or recertified depending on insurer/lender $250-400)

  • Owner’s title insurance policy: $5.75 per thousand for the 1st $100,000, $5.00 per thousand up to $1,00,000 & $2.50 per thousand up to $5,000,000.**

  • Intangible taxes if getting a NEW mortgage: Dollar amount of note x .002.

  • Doc Stamps on Note (if getting a mortgage): $.35 per $100 based on amount of note

  • Recording fees for deed (approx. $10)

  • Homeowner’s Association documents, dues (1st year) and transfer fee (if applicable)

  • Condominium approval fee and dues (if applicable)

  • First year of insurance policy (Home owners, flood, wind, if applicable/required by lender)

  • Lender application costs and fees (different with each lender)

Sellers' Expenses...

  • Doc stamps on deed: $.70 per $100 based on sale price*

  • Real estate commissions

  • Payoff of existing mortgages + fees according to lender(s)

  • Taxes prorated to date of closing

  • Home warranty( if applicable)

  • Courier fee (if applicable)

*Please note that with a Fannie Mae/Freddie Mac property, the Doc Stamps on Deed are being paid by Buyer and NOT the Seller, which is customary!

**With a bank owned or short sale transaction, the cost of the title insurance policy, as well as the choice of title agent, is OFTEN being paid and selected by the Seller, which is contrary to the local custom in Sarasota where the Buyer chooses and pays for title.

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