Understanding Your Closing Costs.... 

Conventional  Mortgages or Cash Transactions

   Search, Examination and Closing fees. The Title insurance cost is mandated by the state of Florida. (The owner's title  insurance policy is based on the county for which the property is located or contractual agreement between both parties.) The fee is based on a promulgated rate. Example: On a 300,000 sale, you would pay $ 1,575.00 for Title Insurance.

   The document stamp tax on the deed to the home is $ .70 per $100.00 based on the sale price. Example: A $ 300,000 sale would cost $2,100 in Doc stamp taxes from the seller(s).

   Processing satisfaction of mortgage is approx. $25.00 for each existing mortgage.

   Property taxes are prorated from beginning of year to date of closing.(The State of Florida has a Homestead Exemption law, whereby the first $ 25,000 of assessed value of an owner-occupied residence is exempt from ad valorem taxes. Palm Beach County property taxes are approx. 2% of the sale price of the residence. Example: A $ 300,000 sale would cost approx.$ 6,000/year.

   The seller(s) may have additional fees that would include real estate commissions, pay-off of existing mortgage(s), home warranty, courier and recording fees, final structural and/or termite inspections if applicable

   A Buyer of Residential Real Estate may incur expenses associated to the mortage loan and purchase and sale of the residence: origination, points, appraisal fees, credit report, tax service, underwriting, document preparation, flood certification, prepaid interest, mortgage insurance, homeowner's insurance, settlement, FL-9 endorsements, notary, courier, recording of deed, document stamps on mortgage, intangible tax on mortgage, survey of property, structural and pest inspections, condominum or homeowners association and application fees.

   Remember that Coldwell Banker along with it's own on-site Title/Closing agency will offer you the best possible rates available in order to keep your costs down.

   Please feel free to contact our Title Specialists Jules or Lori at 561-844-4980 or 561-346-4869 to get updated on all the latest fees and costs associated with purchase or sale of your next home.