Title Information

Closing Statement Hints

  1. Review closing statement prior to closing
  2. Bring cashier’s check payable to the title company to closing
  3. Bring on legal form of photo identification issued by a governmental agency (driver’s license or passport)
  4. Lenders seldom allow escrows for repairs
  5. Lenders may allow seller to pay buyer’s “prepaid items” (negotiable via contract)
  6. Lenders seldom allow credits on closing statements such as “lump sum” credits for closing costs or repairs.
  7. Even though it is included in the contract, do not assume that the lender has approved it (i.e. seller leaseback, etc.). Check with the lender for special or unusual contract conditions and get approval for such things in writing as soon as possible.
  8. Realtor or third party paid items require lender approval or should be noted on contract.

Conventional Mortgages

Seller Expenses

  1. Real estate commission
  2. Search, exam and closing fees **
  3. Process satisfaction of mortgage (approx $25) for each mortgage
  4. Doc stamps on deed (approx. $0.70 per $100 based on sales price **
  5. Courier fee if applicable
  6. Home Warranty if applicable
  7. Taxes prorated to date of closing
  8. Pay off the existing mortgage(s)
  9. Owner’s title insurance policy, if applicable, as per sales contract**

Buyer Expenses

  1. Loan origination fee
  2. Appraisal fee
  3. Credit report
  4. Tax service fee (approx $55-$100)*
  5. Underwriting fee (approx $100-$250)*
  6. Document preparation fee (approx $100-$250)**
  7. Flood certification fee ($20-$50)
  8. Prepaid interest (from day of closing to end of current month)*
  9. First year PMI if applicable (over 80% of loan value)
  10. First year’s homeowner’s and windstorm or flood insurance premiums if required
  11. Escrow account for lender to pay real estate taxes and hazard (homeowner’s) insurance (taxes 4-10 months of yearly gross amt/insurance: 2-3 months)
  12. Settlement fee
  13. Simultaneous issue mortgagee (lender) title insurance policy
  14. Owner’s title insurance policy, if applicable, as per sales contract**
  15. Endorsements to the lender’s policy if applicable
  16. Warehouse/notary/Courier fees ($75-$150)
  17. Recording fees for deed (approx. $20) and mortgage (approx $150)
  18. Doc stamps on mortgage ($.35 per $100 based on mortgage amount)
  19. Intangible tax on mortgage ($.002 x mortgage amount)
  20. Assignment of mortgage if applicable (approx $15-$25)
  21. Survey of subject property ($200-$400)
  22. Termite inspection if applicable (approx $50-$100)
  23. Condominium approval fee and dues if applicable
  24. Homeowner’s association dues and transfer fee if applicable
  25. Home inspection fees

Cash Transaction

Seller Expenses

  1. Real estate commission
  2. Search, exam and closing fees **
  3. Process satisfaction of mortgage (approx $25) for each mortgage
  4. Doc stamps on deed (approx. $0.70 per $100 based on sales price **
  5. Courier fee if applicable
  6. Home Warranty if applicable
  7. Taxes prorated to date of closing
  8. Pay off the existing mortgage(s)
  9. Owner’s title insurance policy, if applicable, as per sales contract**

Buyer Expense

  1. Recording fees for deed (approx $20)
  2. Homeowner’s association dues and transfer fee if applicable
  3. Title exam / closing fee (approx $100)
  4. Owner’s title insurance policy, if applicable, as per sales contract**
  5. Condominium approval fee and dues if applicable
  6. Survey at buyer’s option if single family home (approx $200-$400)
  7. Termite inspection at buyer’s option (approx $50-$100)
  8. First year homeowner’s insurance and flood insurance if applicable

VA & FHA Mortgages

Seller Expenses

  1. Real estate commission
  2. Loan discount points (negotiable)*
  3. Final inspections (negotiable)*
  4. Inspection required by VA/FHA contract*
  5. Tax service fee (approx $55-$100)
  6. Underwriting fee (approx $100-$250)
  7. Document preparation fee (approx $100-$250)
  8. Processing fees (approx $175-$225)
  9. Search, exam and closing fees **
  10. Process satisfaction of mortgage ($25 for each payoff)
  11. Owner’s title insurance policy, if applicable, as per sales contract**
  12. Courier fee if applicable
  13. Doc stamps on deed (approx. $0.70 per $100 based on sales price **
  14. Assignment of mortgage if applicable (approx $25)
  15. Termite inspection – VA only (approx $50-$100)
  16. Home warranty if applicable
  17. Pay off of existing mortgage(s)
  18. Other non-allowable fees may apply (approx $200-$300)

Buyer Expenses

  1. Loan origination fee/point(s)*
  2. Loan discount point(s) (negotiable)*
  3. Appraisal fee – usually paid at time of loan application (approx $275-$300)*
  4. Credit report fee – usually paid at time of loan application (approx $50)
  5. VA funding fee – VA only
  6. Application fee
  7. Inspection fee if applicable
  8. Flood certification if applicable
  9. Prepaid interest (day of closing to current month)*
  10. First year’s homeowner’s and windstorm or flood insurance premiums if required
  11. Escrow account real estate taxes (taxes 4-10 months/ insurance: 2-3 months/ FHA MIP: 2 month - FHA only)
  12. Simultaneous issue mortgagee (lender) title insurance policy
  13. Owner’s title insurance policy, if applicable, as per sales contract**
  14. Endorsements to lender’s title insurance policy if required
  15. Recording fees for deed (approx. $20) and mortgage (approx $150)
  16. Doc stamps on mortgage ($.35 per $100 based on mortgage amount)
  17. Intangible tax on mortgage ($.002 x mortgage amount)
  18. Doc stamps on mortgage ($.35 per $100 based on mortgage amount)
  19. Termite inspection (approx $50-$100)
  20. Homeowner’s association dues and transfer fee if applicable
  21. Condominium approval fee and dues if applicable

NOTE: If the buyer obtains a VA or FHA mortgage, Dept. of HUD and VA require the seller  to incur certain non-allowable costs (closing, copy, etc) which may not be included  in lender’s good faith estimate.

*Please check with lender for these costs and any other charges lender may require. A lender is required to prepare a good faith estimate for any costs incurred in connection with a new mortgage.

**Owner’s Title Insurance Policy: Owner’s title insurance, search, exam and closing fees are based on the county for which the property is located or contractual agreement between both parties.   Title insurance cost is mandated by the State of Florida.

Typical Rates

sanibel island title information

RATES DO NOT INCLUDE TITLE SEARCH, EXAMINATION, CLOSING FEE

Endorsements are $45.00 each except for Form 9 and Navigational Servitude, which are 10% of title charges.

Rate calculated as follows: $5.75 per thousand up to $100,000 / $5.00 per thousand up to $1,000,000 / $2.50 per thousand over $1,000,000

Price reduction may be possible if prior title insurance policy is provided within 24 hours  of order.