Lakewood Ranch Real Estate Closing Costs
Learn about Lakewood Ranch closing costs.
Real estate closing costs are a combination of:
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State taxes on the buyer's mortgage
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Seller's real estate fees
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State transfer tax (aka doc stamps) paid by seller
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Negotiable fees
Buyer's Closing Costs
I, as well as most title companies and attorneys, highly recommend buyers have title insurance to ensure clear title at closing.
However, increasing overall real estate costs are encouraging buyers to skip owner's title insurance, which is optional in Florida. See the graphic below for a guide to calculating owner's title insurance costs:
Buyers also pay doc stamps on mortgage and intangible or mortgage tax, both of which are non-negotiable taxes in the state of Florida.
Cash buyers do not pay intangible tax.
Closing costs can also include lender origination fees, document prep and recording, title search fees, appraisals and surveys. You can try to negotiate any lender fees as well as shop rates for appraisals and surveys. It can be time consuming to get quotes, but it can save you some money.
Seller's Closing Costs
The two biggest costs to the seller at closing are Realtor compensation, and doc stamps on the deed, also known in other states as a transfer tax.
If you are closing on the sale of your property before November 1st, you will pay the buyer for your prorated taxes (our property taxes are paid in arrears) based on the amount of time you owned the property. It's the buyer's responsibility to pay the entire tax bill if they close before November 1.
Real estate compensation is always everyone's favorite topic. I offer a win/win compensation agreement that most sellers find fair and competitive.
Testimonial
"Thank you for your patience. You listened to what we were looking for and we are so pleased to have found the right property."
Joe from Venice