Average Closing Costs
In the purchase of any real estate transaction hearing the words “You are clear to Close” means you are one step away from being a proud home owner. It is important to be aware of the average closing costs & fees you will find and what the buyer and seller are responsible for or you may be taken by surprise.
What these charges look like
This will depend greatly on the type of home you are purchasing and the state in which you live. Here in Broward County, Florida these are what you may except to pay at closing.
-LOAN ORIGINATION FEE
Lenders charge a processing fee for putting your loan together.
This covers the cost of verifying the homes property lines.
This protects the Lender in the event that the title is not clear.
-TITLE SEARCH FEES
Which is a background check on the title to make sure there are not things such as unpaid mortgages or tax liens on the home.
The lender will require that a couple months worth of property taxes and private mortgage insurance be held in an escrow deposit
This is pay paid to the city or county in exchange for recording the new land records.
This covers the cost of evaluating a mortgage loan application. If your a Seller be prepared to see a long column on your HUD 1
– SETTLEMENT STATEMENT
Seller’s can expect to pay anywhere between 6-10% of the sells price of your home.
– LOAN PAYOFF
This amount will usually be higher than the remaining balance because of pro-rated interest on the loan.
–PROPERTY TAXES & HOA DUES
These amounts will be pro-rated up to the day of closing.
Considering buying or selling?
Call us today to speak to one of our experienced agents at searchbroward.com (954) 580-6715