Closing Cost Fees | Topics

Closing cost fees to be aware of

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.

Line Item Buyer Seller
Title Agency Statuatory Charges 
Lender's Title Insurance Policy Section 9c Buyer or Miami/Broward checked  
Owner's Title Insurance Policy Section 9c Buyer or Miami/Broward checked Section 9c Seller Checked
Title Agency Non-Statuatory Charges 
Title & Lien searches Section 9c Buyer Checked Section 9c Seller or Miami/Broward checked
Settlement closing fee x x
Electronic Recording Fee for estopple letter   x
HOA estoppel   x
Scan storage fee x x
Courier fees x x
Government recording and Transfer charges
Deed document stamps   x
Record UCC-3 - records seller satisfaction of mortgage   x
non-identity Affidavit - for disregaring matters with parties of similar names   x
Record Power of attorney if exists   x
Record deed x  
Record trust deed/mortgage x  
Transfer fee to HOA if exists x  
Mortgage document stamps x  
Intangible tax x  
3rd party fees when financed
Appraisal & Survey x  
Underwriting & Processing x  
Homeowners Insurance x  
Prepaid interest x  

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