Mtzionlion, Home Buyer in West Palm Beach, FL

I am interested in purchasing a condo in a 55 community. Are there closing costs and points that will be added onto the cost of the condo?

Asked by Mtzionlion, West Palm Beach, FL Wed Jan 22, 2014

Help the community by answering this question:


Hi Mtzionlion~

When paying cash, closing costs are minimal. Typical closing costs include a portion of title insurance, prorated taxes and condo fees.

If you plan to finance a condo in a 55+ community, prepare to put down at least 20-35%. Most lenders require higher down payments for condo loans. I'd be happy to provide you with a list of local mortgage professionals if you would like to compare rates and packages.

Katie Ingram, Realtor®, CDPE, CFA
Keller Williams Realty
561.389.7863 /
* Serving Buyers & Sellers in South Florida since 1999
1 vote Thank Flag Link Thu Jan 23, 2014
If you purchase in cash, the your closing costs are very minimal,about 0.5% to 1% of the purchase price. If you get a mortgage their are points and addtional closing costs which will add up to about 4% of the purchase price. Feel free to contact me for more info, I live and work in West Palm Beach.
1 vote Thank Flag Link Wed Jan 22, 2014
No. Closing costs should be $100 to the association for background check - to make sure not a criminal and not indigent. I will send you a sent of what is available.
0 votes Thank Flag Link Wed Jan 22, 2014

If you are paying cash then your closing costs will be very minimal; typically a few hundred dollars to the closing agent for handling the transaction and that will be it. Be careful as many agents and firms will try and charge you a "brokerage fee" that is nothing but a nonsense fee I would refuse to pay in almost all cases. You will see these fees range from $295 to $495+/-.

Also, there are costs that should be negotiated for the seller to pay including an owners title insurance policy to protect you from any future liens that may not show up during the title search. The other big one to watch for is a state document stamp tax on the deed transfer that the seller should also pay for.

Best of luck and if I can offer anything additional please let me know.

Fins Up.......................

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
0 votes Thank Flag Link Wed Jan 22, 2014
As others have noted, there will be points and closing costs added to a mortgage, which you as the buyer, will have to pay. In today's market, sellers are typically unwilling to shoulder any of the closing costs simply because excessive demand for their West Palm Beach condos makes it unnecessary for them to pay that cost.

If you are a cash buyer, the typical closing costs you will encounter are a portion of title insurance plus prorations for taxes and condo fees.

If you're purchasing an active adult condo in West Palm Beach using a mortgage, you will probably need to put down at least 20-25% just because banks ask for higher down payments for condo loans.

Marc Jablon, the Jablon Team
Re/Max Complete Solutions
0 votes Thank Flag Link Wed Jan 22, 2014
I'd call Michal Bander at Guaranteed Rate, 954-684-9227. He can answer your questions over the phone.
0 votes Thank Flag Link Wed Jan 22, 2014
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