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.
Check out our Title Company FAQ
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 |
SELLER |
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Financing
(a) Appraisal. Mortgagee’s Title Insurance Policy. Doc Stamps (.35 per $100) Intangible Tax. (.002 x Mtg. Amt.) Recording of Deed and Mortgage. Conditional Filing. Pest Inspection & Survey. Insurance Premiums. Closing Fee. |
Title Evidence State Transfer Tax (.70 per $100)
Cancellation of Existing Liens Cancellation Fees (Hold Sig) Special Assessments & Taxes Recording Satisfactions Tax Proration Real Estate Commission Mortgage Prepayment Penalty, if any. Interest to Date of Proration on Assumed Mortgages. Lenders Service Charge on VA or FHA Loans, If any. Rent Proration Search & Exam Fee. Closing Fee. |
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The F.H.A.
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The V.A.
|
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1. Underwriting/review/loan exam fee
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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.**