What Are My Buyers Costs
What are my costs as a Buyer?
There are so many things to consider when buying a home. Knowing your fees will enable you to budget accordingly.
That is why we have highlighted what a buyer can expect to pay in this breakdown.
Upon closing of the sale of your property, there may be additional costs required (known as “Closing costs”).
We have listed below the most common fees associated with the sale of property.
Common Buyer Expenses:
- Attorney Fees
- Elevation Certificate
- Flood Insurance Policy
- Home Owners or Hazard Insurance Policy
- Owners Title Insurance Policy
- Property Inspections
- Proration of Condo or Homeowners Assoc. Fees
- Proration of Real Property Taxes
- Proration of Storm Water, Lot mowing or Garbage
- Transaction Fee to Schooner Bay of $250
- Recording Fees
- Termite/Pest Inspection
- Title Search & Exam
- Title Settlement or Closing Fee
Additional Expenses if a Mortgage is used to purchase property:
- Appraisal Fee
- Credit Report
- Intangible Tax ($.20 per $100)
- Lender required Inspection Fees
- Loan Origination, Points or Discount Fees
- Mortgage Documentary Stamps
- Mortgage Title Insurance Policy
These expenses can vary depending on the Lending Institution’s requirements and regulations. You may request an estimate of these expenses from your lending institution at the time of application.
Homestead Exemption/ Property Taxes: Homesteading a property caps the tax assessments on the home during homeownership. Changes in the ownership may change the tax basis. MLS records do not necessarily reflect the current tax assessment.
Title Insurance: Listed below are estimated charges/ range of charges for settlement services. You should shop around to determine that you are reviewing the best services and the best rate for these services. Who pays the title insurance is generally based upon area customs, terms of the contract and is negotiable.
Base Title Insurance: | Rate: $5.75 per thousand up to $100,000 & $5.00 per thousand there after
Settlement Services | Rate: $250.00-350.00 (closing search and exam)
File Storage for 7 years | Rate: Up to $35.00
These figures are examples, and should not be used in your calculations. Please request accurate figures from your title company.