Home Buying in 34224>Question Details

Tim, Home Owner in 34224

how much should the fee cost to transfer the title & lien to the county?

Asked by Tim, 34224 Tue Nov 23, 2010

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6
Lesley Melahn’s answer
Hello Tim,

The cost is based on a sliding scale per the Law Firm or Title Company. The seller will ( normally ) be responsible for the doc stamps on the deed ( sell $ x .007) and the title insurance and search fee is roughly $1000.00 on a $200,000 home. Closing fee is $200.00 unless there is a mortgage, at which occurrence more costs are accrued based on the loan amount. Closing costs can be negotiated between the seller and the buyer in Florida.
0 votes Thank Flag Link Tue Nov 23, 2010
Hi Tim,

That depends on if you are the buyer or the seller. I'm going to assume you are the seller and if that is the case you would be responsible for tax on the deed at .007 times the sale price.
0 votes Thank Flag Link Sat Jul 19, 2014
Hi Tim,

As a Seller, you would normally pay the cost for Title search, inspection, title insurance, a closing fee to the title company notarizing your documents and of course the State of Florida will take .007 x the sale price as a "Document Stamps on the Deed" fee.

If you are not selling and are merely transferring ownership to an other party (note: you most likely cannot be released from liability for the lien without the lienholder releasing you) then you wouldn't pay the above costs. I would think twice before transferring ownership of any property "before" your lien is completely satisfied. Otherwise you could become a tenant that can be immediately evicted by the new owner and also have 100% liability for a deficiency judgement if the new "owner" does not pay your mortgage off or make payements as agreed. Contact an attorney.

Also it's not advisable to transfer ownership into the name of a child if you are in ill health and want to avoid probate. Your "gift" of ownership to your child could trigger severe tax consequences.

Hopefully you're doing the smart thing and are simply transfering ownershing into the name of your Trust. That would be a very smart move (in most cases) but you should use an attorney to make sure you are in compliance with Florida State laws. You can prepare a simple trust at :

http://www.legalzoom.com/living-trusts/living-trusts-overview.html

Hope this helps.
Alma
0 votes Thank Flag Link Tue Nov 23, 2010
Tim,
Can you provide more specifics so I can give you a good answer. Is this a foreclosure situation? I am local and in the office today if you want to stop in to discuss this.
0 votes Thank Flag Link Tue Nov 23, 2010
I would think the county would pick up the tab. Are you selling it to them? Is it a case of eminent domain?
0 votes Thank Flag Link Tue Nov 23, 2010
This varies per title company as their fees can vary. I would recommend that you call a local title company in Englewood to get more difinitive answers.
0 votes Thank Flag Link Tue Nov 23, 2010
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