What are Closing Costs?

Florida Real Estate Closings Lawyer

Typical Costs at a Real Estate Closing

Buyers and sellers of real property are responsible for paying multiple parties as a result of the transaction.

Buyer Closing Costs

• Down Payment
• Loan Fees
• Doc Stamps on the Note
• Taxes on the Mortgage
• Title Insurance
• Prepaid Interest
• Inspection
• Survey
• Homeowner's and Hazard Insurance
• Mortgage Insurance
• Document Storage Fees
• Legal Fees

Seller Closing Costs

• Mortgage Satisfaction
• Real Estate Taxes (prorated)
• Agent and Broker Commissions
• Title Search
• Lien Search
• Deed Doc Stamps
• Outstanding HOA fees
• Estoppel Letters
• Legal Fees

It is important to note that these closing costs are typical, but not set in stone. Some items might be charged to seller rather than buyer, and vice versa, depending on the county in Florida you are in. Your closing attorney will determine all of this prior to the closing and it will be included on your closing disclosure documents.

Most of buyer's closing costs are generally included in the mortgage and seller's costs are paid for out of the closing proceeds. Your closing attorney will be responsible for disbursing all funds to the proper places.

Do I need a lawyer for my closing?

It is not required by law that you use a lawyer at closing, however it is a good idea to at least consult with a real estate attorney. Further, if you are buying property subject to a mortgage, the lender will require title insurance. Not all title agencies are law firms.

At Taft Street, we are a fully licensed title agency as well as a law firm, so we can issue you title insurance to protect your investment and we can advise you on any legal issues that arise during the process of buying or selling real estate.