CLOSINGS COSTS
About Closing Costs
Generally, closing cost is the amount that you are required to pay in order to sell your property or home. We understand that if you are to sell your property in Florida, you might want to know exactly how much do you have to pay at closing. There are various differences in these cost among different countries. For instance, one may charge you a property tax, title fees, recording fees, or loan payoff cost. All in all, you will be required to pay around one to three percent of your property’s sales price as its closing cost.
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In Florida, the average cost at closing turns out to be around six percent including the realtor fees for the state. In this regard, we can save you thousands of bucks that you would otherwise pay your agent as his commission. We specialize in quality services of home buying and we can guarantee paying your closing costs. We promise you a convenient house closing in just seven days with minimal cost.
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​You might be wondering how we do it. We will first purchase your property or home the way it is so that you do not have to worry about renovation costs. Our services are much more convenient and faster than realtors as we facilitate you in dealing with liens, going through probate, and in avoiding foreclosure. Moreover, we can also offer house closing even if you are renting your home to some tenants.
Specific Costs for Closing
We want our clients to be aware of the fact that closing costs are generally negotiable. They are usually divided between the buyer and the seller. We realize that closing costs may tend to be pretty expensive and clients may feel the need to avail the services of home buyers. As cash home buyers, we deal with closing costs of all types of properties whether it is a house that you want to sell fast, an inherited house, or a property that can no longer renovate.
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We purchase properties in any condition to get cash in your hands quickly. In Florida, a considerable amount of closing charges are necessary. To ensure you don't get any unpleasant discoveries, we've listed the most prevalent ones below.
Commission:
Firstly, you will need to pay around five to six percent of the total sales price of your property as a commission to a real estate agent if both the buyer and you have agreed to avail the services of a professional realtor. It should be noted that there is no definite or fixed price however, most realtors in Florida usually charge around 2.5 to 3 percent. We can help you here by paying this price and all other closing costs so that you are left with more money for the later stages.
Prorated Property Taxes:
The state of Florida requires property taxes to be paid in arrears. This implies you'll owe property taxes for the time you held your home throughout the year, whether it was for 30 days or 300. Your property is prorated based on the number of days you've held it. If you close in November, you'll owe a lot more in property taxes than if you close in January.
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It is also possible that your property taxes are estimated and incorporated in your mortgage payments. This implies that money is collected on monthly basis in order to ensure timely payments of property taxes. You will eventually receive your escrow account balance once the process of house closing is complete. However, the complete process of selling your home may take several months or even years. We offer the fastest house selling services if you do not wish to wait for longer period of time.
Municipal Lien Search:
A municipal lien search can set you back between $100 and $200. This check identifies whether there are any unrecorded concerns with your property that will not show up in a conventional title search. This covers solid waste, expired or open permits, sewage, and water balances, as well as code infractions. Your overall fee is determined by the municipality in which you live.
Amounts Due for Your Real Estate
You will be responsible for paying off any outstanding debts related to your house. Utility bills and homeowner's association (HOA) fees are examples of this. All of these expenses will be prorated and payable on the date of your closing.
Title Insurance
The cost of title insurance is decided by the amount you paid for your home when you bought it. The purpose of owner's title insurance is to safeguard the buyer against title-related concerns. In this regard, a significant example is an outstanding lien that was not discovered during the title search. The rate is determined by the state of Florida; however, it is based on the value of your home.
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The title insurance price for a $100,000.00 house will be roughly $700. It will cost roughly $1,600.00 for a property in the $300,000 price bracket. This charge might be paid by either the buyer or the seller. This charge is paid by the seller in most parts of Florida. We've dealt with a lot of people who have inherited a house which requires considerable renovation. We provide assistance in all such instances and ensure that your house closing process is done in minimal time.