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A major part of buying property is the closing. Without a proper closing the deal may not be valid. It is the responsibility of the Title Company to put all of the pieces together for the proper settlement of the contract. That involves such tasks as; researching the title, issuing a title policy, coordinating with the lender for documents and getting the mortgage and closing paperwork signed and notarized.

It is customary in Lee County for the Seller to pay for the owners title policy and for the Seller to choose the title company. Neither party is required to be physically present at the closing. All of the paperwork can be sent by overnight mail. It is actually very common to have mail away closings in this area.

The following charts will give you an idea of the distribution of closing costs. These are guidelines only. One chart gives the basic rates for title insurance and the other shows what costs FHA and VA will not allow the borrower to pay for.

This information is subject to change at any time. The Dockside Team will not be held responsible for incorrect information. If you have any questions, please contact a title company directly for the answers.

Usual Distribution of Closing Costs

BUYER

  1. Financing

(a) Appraisal.
(b) Loan Service.
(c) Credit Record.
(d) FHA or VA Fees.
(e) Fee for Preparation of Mortgage, if any.
(f) Prepaid Interest, if any.
(g) Prepaid Insurance and Tax Reserves.

  1. Mortgagee’s Title Insurance Policy.
  2. Doc Stamps (.35 per $100)
  3. Intangible Tax. (.002 x Mtg. Amt.)
  4. Recording of Deed and Mortgage.
  5. Conditional Filing.
  6. Pest Inspection & Survey.
  7. Insurance Premiums.
  8. Closing Fee.

SELLER

  1. Title Evidence
    (a) Owners Title Insurance Policy
  2. State Transfer Tax (.70 per $100)
  3. Cancellation of Existing Liens
    (a) Mortgages
    (b) Judgment Liens
    (c) Federal Tax Liens, etc.
  4. Cancellation Fees (Hold Sig)
  5. Special Assessments & Taxes
  6. Recording Satisfactions
  7. Tax Proration
  8. Real Estate Commission
  9. Mortgage Prepayment Penalty, if any.
  10. Interest to Date of Proration on Assumed Mortgages.
  11. Lenders Service Charge on VA or FHA Loans, If any.
  12. Rent Proration
  13. Search & Exam Fee.
  14. Closing Fee.
 

The F.H.A.
WILL NOT ALLOW
the borrower to pay the following:

1. Underwriting/review/loan exam fee
2. Warranty deed preparation
3. Mortgage assignment
4. Any express mail charges
5. Recording of satisfactions or releases
6. Photos of residence
7. Tax service
8. Builders warranty
9. Copies of documents
10. Counseling fee

The V.A.
WILL NOT ALLOW
the borrower to pay the following:

1. Amortization schedule
2. Pest inspection
3. Any express mail charges
4. Document preparation
5. Warranty fee (new construction)
6. Underwriting/review/loan exam fee
7. Engineers certification
8. Compliance inspection (new construction)
9. Appraisal, if not ordered in Vets name
10. Settlement/Closing
11. Notary
12. Photographs
13. Bond application fee
14. Tax Service
15. Attorneys fee
16. Repair inspection
17. Copies of documents

**NOTE: These are guidelines that are thought to be accurate, but may change at any time. Your mortgage lender will have current information on all loan types.**