Must admit I am amazed by a couple of these answers. In Florida all Realtors use the same contract approved by the Florida Realtors and The Florida Bar Association. While everything is negoatiable, these costs rarely are negotiated. Here you are:
Closing Costs in a Standard Florida Contract
COSTS TO BE PAID BY SELLER:
Documentary stamp taxes and surtax on deed
HOA/Condominium Association estoppel fees
Recording and other fees needed to cure title
Full amount of all liens imposed by a public body
Sellerâ€™s attorneysâ€™ fees
Commissions and fees Seller has agreed to pay a real estate broker
COSTS TO BE PAID BY BUYER:
HOA/Condominium Association application/transfer fees
All property related insurance
Buyerâ€™s attorneysâ€™ fees
Recording fees for deed and financing statements
Commissions and fees Buyer has agreed to pay a real estate broker
Taxes and recording fees on notes and mortgage
Lenderâ€™s title policy and endorsements
Survey (Seller to provide a copy if Seller already has one)
COSTS THAT ARE AUTOMATICALLY NEGOTIABLE:
Ownerâ€™s Title Insurance Policy and Charges
Special Assessments imposed by a public body
COSTS THAT ARE PRORATED:
Real Estate taxes (including CDD assessments, if any)
Other expenses of the property
Hope that was useful.
Good luck, Mark
On HUD owned homes HUD pays ZERO closing costs (even the ones customarily paid by a Seller) so you can put an exact amount (no greater than 3% of the sale price) into your bid or you will have higher than normal closing costs. HUD owned homes will allow a buyer getting an FHA to put as little as $100 down so it should work out to be less than the 3.5% FHA downpayment -- even if paying the Seller's closing costs.
â§ MIAMI BEACH REAL ESTATE GUY âœ± WATERWAY REALTY, REALTORSÂ®
This unfortunately can be a property specific question. The norm varies depeding on the type of sale and whether financing or cash is being used. The property you are offering should have a the information up front so you know what will appear on the HUD. Make sure you ask your agent this question prior to submitting the offer. You would hate to have your offer accepted if you had to pay doc stamps on the deed and other misc. costs.
As has been mentioned below in typical fashion seller pays taxes and HOA fee's up until the purchase date as well as the estoppel and the Realtors commission. Also any back encumbrances are paid by the seller unless they were previously disclosed and made part of the purchase. Title policy and insurance is paid by the buyer, the remainder of the taxes after the purchase and sometimes there other fees associated with utilities that are paid for by the buyer.
Hope this helps, feel free to contact me with any questions!
There are several items that can be negotiated in the contract, such as who pays for Title search, exam and close. So that will depend on the contract and can be either...actually pretty much everything can be negotiated. However, traditionally you will see that the buyer is responsible for his loan expenses, doc stamps on the loan, home inspection, hazzard insurance, HOA application.
Seller is usually responsible for taxes, etc. up to the date of closing, estoppel letter from the HOA, the commissions expenses and paying off their loan.
If it is a short sale and the buyer is not paying off a loan, their expenses are then picked up by the bank.
Like I said, it is all pretty negotiable...you will even see the buyers loan expense picked up by the seller in the case of FHA for example.
Just check your contract, and if you want any ahead info on a property you are purchasing, get specific information from your realtor and/or title company.
Best of luck!
Debbie Albert, PA
Keller Williams of the Treasure Coast
1. Documentary tax. This is a State tax on the deed and is .70 cents per $100. Or $700 on a $100,000 sale.
2. Real Estate Commission. Negotiable
3. Title Insurance and search. About $1,100 on a $100,000 sale.
Buyer buyers pays for all inspections and anything related to their mortgage. Your mortgage broker or loan officer is required to give you a good faith estimate of these costs once you make mortgage application.
Let me know if we can assist you any further.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors