Closing Costs for River Strand Golf and Country Club Homes
What are Closing Costs?
Closing costs are all associated fees that come alongside a home purchase. These costs are paid at the end of the real estate transaction when ownership is transferred from seller to buyer. These expenses can be the responsibility of the buyer or the seller, or sometimes both. In Manatee County, both the buyer and seller will have their own closing costs that they will have to pay.
Average Closing Costs in Manatee County, Florida
The average closing costs for home buyers in the River Strand community are around 2% to 5 % of the total property price. Sellers on the other hand typically have a 6% closing costs for selling a home. For a detailed breakdown check out the table below:
|AVERAGE CLOSING COSTS IN RIVER STRAND, MANATEE COUNTY, FLORIDA|
|*Based on $350,000 Purchase Price|
|Typical Seller Closing Costs|
|Estoppel Letters ($250.00 each)||Home: $500
|Manatee County Document Stamp Tax on Deed||$2,450|
|Realtor Commissions (divided between 2 Realtors and their brokers)||$21,000|
|Property Taxes (Paid in arrears in Florida)||Prorated: Jan 1st-Closing date|
|Typical Buyer Closing Costs|
|Capital Contribution to Heritage Harbour HOA||$1,000|
|Capital Contribution to River Strand HOA||$1,500|
|Membership Transfer Fee||$200|
|Municipal Lien Search||$85|
(This example does not include lender's fees)
In Florida, attorneys are not required when buying or selling a home. They can act as closing agents, or you can work with a professional who works on property titles. It is important to note that related fees vary depending on the company you're working with. Realtors in the area can use contracts approved by the Florida Bar Association which are provided to them by the Florida Association of Realtors.
Closing Costs for Buyers in Florida
- Fed-Ex Fee
- Escrow Fee
- Survey Fee
- Courier Fee
- Notary Fee
- Closing Fee
- Credit Report
- Application Fee
- Settlement Fee
- Recording Fees
- Origination Fee
- Prepaid Interest
- Transfer Taxes
- Home Inspection
- WDO – Wood Destroying Organism Inspection
- Underwriting Fee
- Homeowners Insurance
- Flood Insurance (required if the property is in a flood zone and getting a loan)
- Owner’s Policy Title Insurance
- Lender’s Policy Title Insurance
- Title Company Title Search Fee
- Home Owners Association Transfer Fees
- Flood Determination or Life of Loan Coverage
- Private Mortgage Insurance (if the down payment is less than 20%)
Closing Costs for Sellers in Florida
- Closing Fee
- Estoppel Fee
- Property Taxes
- Documentary Stamps
- Real Estate Commission
Useful Tips of Reducing Closing Costs
1. Review available Loan and Settlement Service Providers
Check out Loan and Settlement companies in the region and find out what the best deal is in the market. We can recommend several lenders in the area who can work with you. Compare lenders in the region by asking about their best rates, usual costs, and customary closing fees. Would you like to work with a professional attorney or a title company? If the lender you've chosen already works with particular companies they may have already gotten a volume discount from previous transactions. Research the best option you have and weigh the pros and cons so that you can save a good amount of money.
2. Ask Seller to Share Closing Costs
If you're buying a home asking the seller to share your closing costs may be an effective way to reduce your expenses. Some sellers who are looking to find a buyer fast may be willing to cover some of the fees. Proper communication from buyer and seller can go a long way when it comes to this tip. Make sure you've researched all costs before bargaining with the seller to make the process easier for both parties.
3. Consider a "No-Closing Cost" Mortgage
A "no-closing-cost mortgage" or "zero closing cost mortgage" is a valid option that buyers can take. Instead of paying upfront for everything, closing costs will be rolled up into your loan. This will increase your monthly payments, but it is a valid way of reducing your total expenses when buying a home. Compare both options and review which one best suits your budget.
4. Wait Until the End of Month
Waiting until the end of the month will help you avoid any prepaid or "per diem" interest for the period between your loan and the start of the next month. For example, if your loan interest rate is 4%, multiply your loan amount by .04 and divide the result by 365 to get your daily interest charge. Then multiply that figure by the days left in the month to see how much you will be saving. If you have any questions regarding closing costs in the River Strand Golf and Country Club neighborhood, please feel free to contact us today.
Check out our original blog post at https://www.riverstrandhomesearch.com/
Let Me Help You Find Your River Strand Home!
If you are a buyer, it is important to have the assistance of a Buyer's Agent to represent you during the transaction. If you need additional assistance or would like to schedule a showing, contact our office at 941-782-0000.
"Your River Strand Realtor"
2716 Fruitville Road
Sarasota, FL 34237