richard wize, Home Buyer in 32832

I am selling my home directly to my son. What closing costs should I expect to pay in Orange County FL?

Asked by richard wize, 32832 Wed Dec 11, 2013

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7
Abraham Bidh…, Agent, Orlando, FL
Thu Dec 19, 2013
Hi Richard:

Items like tax stamp, title insurance, .. get adjusted based on the sale price below is a general list & their estimated costs so you can get some general ideas:

Title Insurance: Varies depending on the price
Settlement Fee $350.00
Title Search $100.00
Stamps on Deed $0.7 for every $100 dollar in sale price
Prorated Taxes
Prorated HOA Fees
HOA Estoppel Fee If you live in an HOA Community
Recording Fee: $100
Misc.: $300

I assume you would be using a closing company to prepare your closings docs & do the title search, issue title insurance,... You can ask them for a preliminary HUD-1 statement and they will usually prepare one for you free of charge. This way you will have more accurate figures.

Hope this helps and let me know if we can help you in any way.


Abraham Bidhendi
Top Producer Realtor® with over 26 years of experience
Awarded as Exit's TOP Buyer side Transactions for the State of Florida
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com
Search Entire MLS At: http://abidhendi.orlandopropertiesonline.com/search
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
0 votes
Tom Bawany, Mortgage Broker Or Lender, Maitland, FL
Wed Dec 11, 2013
Hello Richard

Deed stamps and Owners title, the rest will be paid by him as a buyer and you can help, by giving seller credit towards buyer's closing cost between 3 to 6 %

Pls contact me if you want him to be approved for a Mortgage, there are special rules for financing if the trransaction is between Family members

Thanks




Tom Bawany | Mortgage Loan Originator | NMLS #519971
Real Estate Mortgage Network, Inc.
500 Winderley Place, Suite 112
Maitland, FL 32751
F: 866.552.6351 | C: 407.924.2759
E: tbawany@remn.com | http://www.remn.com
0 votes
Trung Nguyen, Agent, Winter Garden, FL
Wed Dec 11, 2013
Mr. Wize,

The best way for you to get this thing clear is to request a PreHUD from the closing office (Closing Attorney or Title company). The Customary closing costs from seller are as follow:

1/ Commission to Broker - This is not apply since you selling it directly to your son.
2/ Fee from closing office - Vary, but the average is about $500
3/ Title Search and Exams - $200 -$300
4/ Owner's Title Insurance - Will be base on the selling price
5/ State Docs Stamp on Deed - Purchase price x .007
6/ Record of Satisfaction of Mortgage -$50
7/ HOA proration
8/ Property tax proration
9/ Misc

This just give you a basic idea of what you are expecting. However, please request a Pre HUD 1 to get a clear answers. Hope this would help and good luck with the transaction. Please do not hesitate to contact any of us agents on this site if you have further question.

TN-Trung Nguyen
Real Estate Professional
La Rosa Realty LLC.,
Licensed in FL
tnguyen@larosarealty.com
Cell: 321.946.1403
0 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Wed Dec 11, 2013
Check out my blog on this topic: http://www.trulia.com/blog/mark_lemenager/2011/09/closing_co…

If your son is paying cash, then there won't be much cost at all. If he is doing a mortgage, then the costs will be much more substantial.
0 votes
Closing Costs in a Standard Florida Contract
(and typical amounts)

COSTS TO BE PAID BY SELLER:

Documentary stamp taxes on deed (0.7%, $700 per $100,000)
HOA/Condominium Association estoppel fees ($50 to $100)
Recording and other fees needed to cure title (not typical)
Full amount of all liens imposed by a public body (not typical)
Seller’s attorneys’ fees (not typical)
Commissions and fees Seller has agreed to pay a real estate broker (6 to 8%)

COSTS TO BE PAID BY BUYER:

HOA/Condominium Association application/transfer fees ($150 to $250)
Buyer’s Inspections ($300 to $400 typically paid before closing)
All property related insurance (variable)
Buyer’s attorneys’ fees (not typical)
Commissions and fees Buyer has agreed to pay a real estate broker, if any

Loan expenses (lender supplies these charges in good faith estimate)
Recording fees for deed and financing statements
Taxes and recording fees on notes and mortgage
Lender’s title policy and endorsements
Appraisal fees
Survey (Seller to provide a copy if Seller already has one)

COSTS THAT ARE AUTOMATICALLY NEGOTIABLE:

Owner’s Title Insurance Policy and Charges (insurance policy depends on who names closing agent, typically both sides pay some charges of $300 to $500)
Special Assessments imposed by a public body (typically all for seller, if any)
Home Warranty (no longer typically included)

COSTS THAT ARE PRORATED:

Real Estate taxes (including CDD assessments, if any)
Association fees
Interest (not typical)
Bonds (not typical)
Rents (not typical)
Other expenses of the property
Flag Sat Jan 10, 2015
Alan Martin, Agent, Orlando, FL
Wed Dec 11, 2013
you need not guess. ask your closing agent for a prelim HUD 1
0 votes
Lila Lopez, Agent, South Miami, FL
Wed Dec 11, 2013
Good Morning Mr. Wize,

The easiest way to know what you can expect to pay is to contact the closing agent/title company that will be handling your closing. If you have a current mortgage on the property they can ask for a payoff statement and then they should be able to provide you with an estimated closing statement/HUD1 that will provide you with a rather accurate accounting of the fees you can expect to pay. Good luck with your sale.

Lila Lopez, CRS, CDPE, e-Pro
RE/MAX Advance Realty
homesbylila@yahoo.com
0 votes
Noah Seidenb…, Agent, Evanston, IL
Wed Dec 11, 2013
You should talk to the attorney you are using to do the closing or the title company doing the transaction. They can give you the best advice. A fairly exact figure too.
Good luck
0 votes
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