Understanding Closing Costs – Claire Johnson, Coastal Realty of the Florida Keys, Islamorada, FL

Don't forget to factor in closing costs when considering a home sale or purchase. Coastal Realty of the Florida Keys is seasoned at assisting both buyers and sellers when it comes to closings. E-mail or call me today at (305) 731-4602 if your needs include a professional REALTOR^® experienced in the business side of real estate.

Closing costs you should expect

There are certain expected costs related to closing the sale of a house. These expenses are often divided between the buyer and seller, as spelled out in the sales contract. Many are universal, but there are nuances to each, so you'll want a real estate expert in Florida Keys to help direct you through your transaction.

Closing costs for the Buyers (Details)

Points (optional)
Appraisal Fee
Credit Report
Interest Payment
Escrow Account
Home Inspection
Doc Stamps / Intangible Tax (applies only if you are getting a loan)
Title Insurance
Proration of Property Taxes
Transfer Taxes and Recording Fees
Preparation of Closing Documents
Loan Origination Fees

Closing Costs for Sellers (Details)

Doc Stamps
Commission
Preparing of Closing Documents
Proration of Property Taxes
FIRPTA Tax for Foreign Investors

At closing, these fees are often due (Details)

Homeowners, Flood and Wind Insurance are required if you have a mortgage
Private Mortgage Insurance (PMI) - required if your down payment is less than 20%

Sellers: As we negotiate your transaction, I'll not only work to get the very best sales price, but I'll also campaign for limited closing costs. And once we've come to an agreement, I'll fully explain the closing costs so you know exactly where your money is going.

Buyers: If you're purchasing a house in Islamorada, you will be given 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 past experiences and is required to be within a suitable range so you're not stunned when you arrive at the closing appointment. I'll be happy to go over the GFE with you, answering your questions and highlighting any estimates that seem off.

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