Expected closing costsThere are certain normal costs related to closing the sale of a house. These costs are usually split between the buyer and seller, as instructed in the sales contract. Many are universal, but there are nuances to each, so you'll want a real estate expert in Florida to help lead you through the process.
Closing costs that are loan-related (Click here for more information)
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
At closing, the following taxes are usually collected (Click here for more information)
- Property Taxes
- Transfer Taxes and Recording Fees
Insurance fees due at closing (Click here for more information)
- Homeowners Insurance
- Flood or Quake Insurance (optional)
- Private Mortgage Insurance (PMI) (optional)
- Title Insurance
Sellers: As we get through the details of your sale, not only will I work to get the highest sales price, but I'll also push for limited closing costs. And once we've come to an agreement, I'll describe in detail the closing costs so you are aware of exactly what you're paying for.
Buyers: When purchasing a home 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 a tolerable range so you're not shocked when you reach the closing table. I'll be willing to go through the GFE with you, answering your questions and highlighting any estimates that seem unusual.