The Devil’s in the Details: Buyer’s and Sellers Closing Costs in Tampa Florida Area

These are the customary closing costs for both buyers and sellers in the Tampa Bay Area. Remember everything in a contract is negotiable. This will help you estimate the amount of your closing costs for the sale or purchase of real estate in this area. Other states may have different costs associated with a real estate closing. For a precise estimate contact your real estate professional or your title insurance company.

Buyers Customary Closing Costs

Fees Payable to the Clerk of the Circuit Court

• Recording the deed, $10.00.
• Recording the mortgage, $50.00 (estimate).
• Documentary stamps on mortgage are $0.35 per hundred based on loan amount, rounded up to the next highest hundred.
• Intangible tax on the mortgage is $0.20 per hundred based on loan amount.
• Recording miscellaneous documents incident to closing is $10.00 for the first page and $8.50 for additional pages for each document.

Fees Payable to the Title Insurance Company

• Mortgagee title insurance premium (insures lender), when issued simultaneously with an owner's policy is approximately $325.00
• Endorsements to mortgage title policy, as required by lender, are $35.00 each. Florida Form 9 and Navigational Servitude endorsements are 10% of the combined owner's and mortgage premiums.
• Courier fee will apply for loan packages which must be returned to lender with 24 hours of closing - approximately $15.00 each.

Mortgage Closing Cost

The following are possible fees (estimated) the buyer's lender may charge in connection with the new loan:

• Discount points - one point is equal to 1% of the loan amount.
• Origination fee - estimate 1% of the loan amount.
• Document preparation fee - $150.00 and up.
• Appraisal fee - $250.00 and up.
• Courier fees - $50.00 and up.
• Tax service fee - $65.00 and up.
• Credit report - $50.00 and up.
• Underwriting fee - $150.00 and up.
• Termite and wood destroying organism report - $50.00 and up.
• Survey - $175.00 and up.
• Hazard insurance - varies.
• Flood insurance - varies.

These fees vary widely from lender to lender, as to whether or not they are charged to buyer and what amount. The actual lender fees will be disclosed by the lender on the good faith estimate of closing costs.

Don't forget to prorate the current year's real estate taxes: credit (if unpaid) or charge (if already paid). Calculate charges collected by the lender to establish the buyer's escrow account which will pay the annual real estate taxes, hazard and flood insurance renewal premiums when they are due.

Sellers Customary Closing Costs

Fees payable to Clerk of the Circuit Court

• Documentary stamp on the deed is $0.70 per hundred dollars, based on the contract sales price rounded up to the next highest hundred dollars.

Fees Payable to the Title Insurance Company

• Title insurance premium for owner's policy is based on contract sales price, rounded up to the next highest hundred. Premiums are figured at $5.75 per thousand dollars for the first $100,000 and $5.00 per thousand dollars for $100,001 and up.
• Combined closing, title search and title examination fees are $200.00. Furnishing your original owner's title policy may save you some money.

Real Estate Commission

• As per your listing agreement with your real estate professional