Home Selling in 33919>Question Details

jorah, Home Seller in Fort Myers, FL

what are closing cost paid by seller and buyer in southwest fl for a condo>?

Asked by jorah, Fort Myers, FL Wed Dec 4, 2013

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Jorah - as all of the agents stated it does depend on what negotiations are made and if the buyer is paying cash or financing. Typically here in the Lee county area the seller will pay for certain expenses and pick the title compnay to close.

If we are looking at just the seller, there would be a closing fee, title search fee, title insurance (based on the sales price) and document stamps. The seller would also customarily pay for the estoppel letter from the association/management company in regards to the status of payment and fees associated with the condo.

As a cash buyer, there would be a close fee and a recording fee, unless the association company has fees tied in with its application/rules and restrictions.

Financing as a buyer, your lender should be able to assist in giving a real tight GFE good faith estimate on the fees.

More specific questions, please call me 239-415-6574.

Jennifer Ferri
Title Junction, LLC
0 votes Thank Flag Link Tue Dec 10, 2013
Just as Terry said, most items are negotiable. There are some customary costs that are "typically" paid by each side.
Many times in our (Lee) county, the contract is written with the seller choosing the closing agent (typically a title company) and in return paying for the title company fees including the title search as well as the Owner's Title insurance policy. In addition, because we pay our property taxes in arrears, the seller would credit the buyer for a prorated portion of the taxes for the time during the tax year that the property was owned by the seller. There may also be a pre-rated debit or a credit for condo/HOA fees depending on if an amount is owed or paid in advance. In Florida there are document "stamps" which is a tax that must be paid on the transaction. If, per the contract, this cost is paid by the seller (typical in our county) the cost of the tax is .70 per $100. Lastly, the real estate brokerage fee is paid by the seller. The seller's agent should be able to put together an estimated "Net" sheet outlining these costs.
For the buyer, the amount greatly depends on whether or not he/she is financing the purchase or paying cash. If paying cash, the amount is typically very small. Usually, a few hundred buck for tax and condo/HOA proration and title closing fee. That's about it.
If the buyer is financing, I typically refer them back to their mortgage loan officer for a GFE (Good Faith Estimate) because the bulk of their closing costs will be dictated by the lender and can vary. They could consist of an application fee, appraisal, survey, points, escrow for insurance and taxes, a lender's title insurance policy, etc. In addition the state of Florida have two smaller taxes based on the amount of the mortgage loan; one is a state document tax and the other is an intangible tax. (.35 per $100 & .20 per $100 respectively). If a buyer is financing a purchase, it is highly recommended to go over these costs with their lender.
I hope this helped!

David Lang
Keller Williams Realty

0 votes Thank Flag Link Thu Dec 5, 2013

It all depends on if the sale is cash or financing. Feel free to contact me and I can assist you in the clarification of the closing costs. Some costs can also be negotiable.

Is there a particular condo you are already interested in?

Feel free to email me and I will be glad to answer any questions you may have.

0 votes Thank Flag Link Thu Dec 5, 2013

Cash deal or financing? Your Agent will be able to advise and get you proper numbers.
0 votes Thank Flag Link Thu Dec 5, 2013
All things are negotiable and buyers closing expenses are much higher when financing vs paying cash. Feel free to email me at leecountyrealtor@earthlink.net and I will gladly email you a list of what is considered standard seller expenses and standard buyer expenses but keep in mind things are negotiable. If you have a price range in mind I can provide you with an estimated cost to close.
0 votes Thank Flag Link Wed Dec 4, 2013
Cash or finance by buyer? Certain items will always be negotiable, no matter the location in the US like title insurance.
0 votes Thank Flag Link Wed Dec 4, 2013
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