There are certain basic costs associated with closing the sale of a house. These fees are commonly divided between the buyer and seller, as noted in the sales contract. Many are conventional, but there are nuances to each, so you'll want a real estate expert in Florida to help direct you through your deal.
Loan-related closing costs
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
Taxes you may be responsible for at closing
- Property Taxes
- Transfer Taxes and Recording Fees
At closing, these fees are often due
- Homeowners Insurance
- Flood or Quake Insurance (optional)
- Private Mortgage Insurance (PMI) (optional)
- Title Insurance
Sellers: As we negotiate your sale, not only will I work to get the very best sales price, but I'll also advocate for lower closing costs. And once we've come to an agreement, I'll fully explain the closing costs so you are aware of exactly what you're paying for.
Buyers: If you're buying real estate in Palm Beach County, you will get a "Good Faith Estimate" (GFE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer's previous experience and is required to be within an appropriate range so you're not surprised when you reach closing time. I'll be willing to go through the GFE with you, answering your questions and highlighting any estimates that seem questionable.