CLOSING COSTS, FEES, AND CHARGES
The cost of purchasing a property or home in Palm Coast, Florida (besides the purchase price) varies and depends on which side of the transaction you lie.
The greatest costs are:
- For the Buyer, the cost of borrowing other people’s money; AKA a mortgage loan — Unless paying cash.
- For the Seller, this would be sales commission.
- For the By-owner, If you are the Seller going the route of do-it-yourself, your costs are lower because commissions are not factored in. However, the trade-off is a higher legal risk.
- There are also fees that belong to the transaction; Many are considered to be typical or customary to one party over the other. I discuss those below.
Like purchase price everything is negotiable, including closing costs. You can ask the other party of the real estate transaction to pay any fee that is customarily considered “your end of the deal.”
COSTS CUSTOMARILY PAID BY SELLER:
- Sales commission (except By-Owner)
- Documentary stamp taxes and surtax on the deed, if any
- HOA/Condominium Association estoppel fees, if applicable
- Owner’s Policy and Charges
- Recording and other costs needed to cure title
- Title search charges
- Seller’s attorneys’ fees (if hiring the services of a lawyer; not a Florida requirement to close property)
COSTS CUSTOMARILY PAID BY BUYER:
- Taxes and recording fees on notes and mortgages
- Loan expenses
- Recording fees for deed and financing statements
- Appraisal fees
- Owner’s Policy and Charges
- Buyer’s Inspections; Home, termite, etc.
- Survey (and elevation certification, if required)
- Buyer’s attorneys’ fees (if hiring the services of a lawyer; not a Florida requirement to close property)
- Lender’s title policy and endorsements
- All property related insurance
- HOA/Condominium Association application/transfer fees (if applicable)
- Owner’s Policy Premium
- How To Save Money On Closing Costs
- Buyers should always negotiate closing costs with their lender this is #1; a lender must disclose fees upfront before applying for a loan – with this disclosure in hand, shop around for the best deal. If you have cash in hand, you can avoid the lion-share of your closing costs, however, seek the advice of a financial advisor to determine if displacing a large sum of money into a home versus other investments that make a more sound financial decision for you.
- Sellers have an easy way to save on their most substantial closing cost hire a Realtor that charges less commission; Now for my shameless plug; Better Buy Realty lists homes for no more than four percent (4%). A couple of percentage points here will save you thousands of dollars.
- Selecting the right title company can also help; title policies are federally mandated however the “trumped up fees” can be negotiable. I can help you out here, too.
Regardless if you are a buyer or seller, negotiating the other party to pay a particular closing cost(s) that is customarily yours – is always the best way to save instantly.
I can help. I am very skillful at negotiating more than just purchase price. I have a very in-depth understanding of Florida’s real estate contracts, it’s loopholes, and how to best prepare or counter the offer.
I indeed can represent your best interest. If you are a homeowner and thinking of selling your home, I sincerely hope that you contact me, I would love to meet with you and tell you all about my fantastic company Better Buy Realty, how I can help you save on your most significant closing cost – sales commission. 🙂