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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 all courtesy of Team Title in Cape Coral. This information is subject to change at any time. Dockside Tropical Property, Inc. and/or Team Title will not be held responsible for incorrect information. If you have any questions, please contact a title company directly for the answers.
BUYER
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SELLER
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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