Total closing costs in Florida are surprisingly predictable, and you should know whats in them.
The buyer should expect costs to be approximately 1.5% of the price of the property. The seller should expect the same 1.5% PLUS the comission which may be an additional 6%-12% depending on the type of transaction and what is involved.
Line Items on the "ALTA" Closing Statement
The "ALTA Settlement Statement" (American Land Title Association) details all of the fees or charges that the buyer and seller will pay during the settlement portion of a real estate transaction.
Key sections of the document
- Prorated costs between buyer and seller
- Title Agency Statuatory fees
- Title Agency Non-Statuatory fees
- Government recording and Transfer fees
- 3rd party fees when financed
Setting aside the prorated costs, the remaining costs contain a list of typical items you might expect to find.