SOUTH FLORIDA REAL ESTATE ATTORNEYS
WHAT ARE BUYER AND SELLER COSTS AT CLOSING
IN A REAL ESTATE TRANSACTION
Get your contract reviewed for no fee! When was the last time you heard that?
At the Law Offices of Jacqueline A. Salcines, PA, we have never charged a fee to review or prepare a contract for any client. And yet we wonder why so many attorneys keep their fees purposely vague?
With property values in South Florida and across almost all parts of the country thriving, few buyers and seller know what are the actual costs of a real estate closing. Many attorneys charge a fee at closing and keep the client in the dark as to how much they will actually pay at closing. What buyers and sellers should know first and foremost, is that all fees and costs of closing are negotiable. In Miami Dade for instance, it is typical that the buyer selects the title company and pays the title insurance premium. However, it is not mandatory. The parties to a real estate transaction can agree that the seller will select the title company and will pay the premium for the title insurance.
Paragraph 9 of the Florida FAR BAR Residential Real Estate Contract lists closing costs for both the buyer and the seller. It is imperative that the correct boxes be marked off so that once the contract is signed, the intentions of the parties in the transaction is clearly set forth. This can be done by a realtor or a real estate attorney. Common costs for closing are as follows:
BUYER:
- Attorney’s Fee
- Settlement Fee
- Lender related fee (Get a Good Faith Estimate at the time of applying for a loan or shopping around for lenders)
- Title Insurance Premium (if Miami Dade)
- Survey
- Mortgage Intangible Tax (20 cents per $100.00 of loan amount in Dade)
- Mortgage documentary Stamps taxes (.35 cents per $100.00 of loan amount in Dade)
- Wire fee
- Courier Fee
SELLER:
- Prorated real estate taxes
- Title Search (can be capped at $200.00 if prior title insurance policy is given to title company)
- Doc Prep Fee (typically $450)
- Estoppel fee (if condo or HOA)
- Courier Fee
- Title Insurance Premium (If Broward or Palm Beach)
- Documentary Stamp Taxes on sales price (60 cents per $100.00 of sales price)
- Lien Letters (between $80.00 to $300.00)
As stated above, many of these costs can be negotiated between the parties and range from attorney to attorney, and title company to title company.
When hiring an attorney, make sure you get their fee set out in writing and make sure you get a Retainer Agreement or other document that shows what you are getting for your fee.
At the Law Offices of Jacqueline A. Salcines, P.A., our lead attorney brings over 15 years experience in the real estate field as well as 20 in the accounting field. Ms. Salcines is also a realtor and therefore has extensive knowledge of property values and investment opportunities.
Moreover, with parties to a transaction often unable to agree on terms or led astray by the other party’s title company or attorney into thinking they don’t have options, Jacqueline A. Salcines, Esq. has extensive knowledge in negotiating contracts and getting the transaction from conflict to the closing table. Her knowhow in drafting contracts as well as negotiating them (when things don’t go as planned) is what sets us apart.
Call us today to set up an appointment to discuss your purchase or sale. We are here for you!
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
TRUST | COMMITMENT | RESULTS
Jacqueline A. Salcines