What are Closing Costs in Florida and Are They Negotiable?

What are Closing Costs in Florida and Are They Negotiable?

Closing costs are fees that are charged by the mortgage lender as well as other third parties involved in the purchase of a home.

Nationally, these costs average approximately 2.5% to 4% of the sales price of the home. The most common items included in closing costs that buyers are responsible for paying are:

• Title search and insurance fees
• Mortgage application fees
• State or local transfer taxes
• Property survey
• Municipal tax and lien search
• Homeowners association dues
• Appraisal fees
• Mortgage insurance premium
• Homeowners insurance premium
• Attorney’s fees
• Pro-rated property taxes

Depending on the contract terms and the county in which the transaction is closing, the seller may cover some of the above costs. Sellers are also generally responsible for paying real estate commissions, both for the buyer’s and the seller’s agents. However, there are some situations where a buyer could be responsible for paying a flat fee real estate commission.

To help keep closing costs down, you can negotiate with the seller to cover some or even all of your closing costs. You may be able to get the seller to agree to pay up to a certain amount for closing costs, while you cover the rest. You may also have the opportunity to roll the closing costs into your mortgage loan by paying a higher price for the home.

Having a real estate attorney involved before and during your closing is one of the smartest things you can do to ensure you are protected and that the closing will be a smooth one.

The attorneys at Jurado & Farshchian, P.L. combine their knowledge and experience in Florida real estate law to represent both buyers and sellers of Florida real estate. Contact one of our experienced Florida real estate attorneys at (305) 921-0440, or email us at info@jflawfirm.com.

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