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.

-SURVEY FEES

This covers the cost of verifying the homes property lines.

-TITLE INSURANCE

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.

-ESCROW DEPOSIT

The lender will require that a couple months worth of property taxes and private mortgage insurance be held in an escrow deposit

-RECORDING FEE

This is pay paid to the city or county in exchange for recording the new land records.

-UNDERWRITING FEE

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