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Survey
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features. This process confirms that the property's boundaries are correctly described in the purchase and sale agreement.
The survey may show a neighbor's fence is located on the seller's property or more serious violations may be discovered. These violations must be addressed before the lender will proceed.
The buyer usually pays to have the survey done, but some cost savings may be found by requesting an "update" from the company that previously surveyed the property.
Inspection Fees
Most purchasers hire a licensed inspector to examine the structural integrity of the house as well as examine the roof, plumbing, electrical and appliances. Additionally, a termite inspection and mold inspection is commonplace.
Hazard Insurance
Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards.
Flood Insurance
Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.
Property Taxes
Due in November to pay for the preceding year, taxes will be prorated to the day of closing. Since taxes for the year are not determined until November, the title company will generally use the previous year's taxes to estimate the respective liability of the purchaser and seller.
Homeowner Association Fees
These fees must be current at closing and may be prorated depending on when the closing occurs.
Builder's Fees
In new construction, most builders or developers charge a fee usually between 1.25% and 1.75% of the purchase price to cover administrative fees, the cost of an Owner's policy of title insurance, and the cost of the documentary stamps for the deed.
Title Examination
Southeast Title & Trust will examine the status of the title on the property to ensure that the seller is the legal owner of the property and ascertain that there are no liens or other claims outstanding including but not limited to: |
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Legal claims against a property filed by creditors as a means to collect unpaid bills; |
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Liens by the Internal Revenue Service for nonpayment of taxes. Any such claims must be paid by the seller -- this often occurs either before or at the closing; |
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Pre-existing violations of deed restrictions; |
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Code violations; |
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Property Taxes; |
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Homeowners Fees due; |
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Special Assessments. |
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Title Insurance
Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.
Your lender will require that you buy title insurance to ensure that you are receiving a "marketable title." There are two types of title insurance policies: |
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Lender's policy (mandatory): This protects the lender should a flaw in the title be detected after the property has been purchased. |
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Owner's policy (highly recommended): This protects you should a flaw in the title be detected after the property has been purchased. |
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| Title Rates |
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The Florida Promulgated Rates for an owner's policy are as follows:
$5.75 per $1,000 of value for the first $100,000.00. |
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$5.00 per 1,000 of value thereafter for purchase prices up to $1,000,000.00 |
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| Please contact us for rates of purchase prices above $1,000,000.00. |
Title Endorsements
The Florida Form 9 is based on 10% of the amount being charged for the Owner’s Policy. Additional endorsements are $25.00 each, and are necessary depending on the type of property and mortgage.
GOVERNMENTAL FEES
Document Stamp Tax on Mortgage
.0035% of loan amount charged by the State of Florida. (Paid by Buyer/Mortgagor)
Document Stamp Tax on Deed
.0070 of the purchase price charged by the State of Florida. (Paid by Seller)
Intangible Taxes
.0020% of loan amount charged by the State of Florida.
Recording Fees
Fees charged by the county to record the deed, mortgage and other documents.
Title Rates
The Florida Promulgated Rates for an owner’s policy are as follows: |
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$5.75 per $1,000 of value for the first $100,000.00. |
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$5.00 per 1,000 of value thereafter for purchase prices up to $1,000,000.00 |
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please contact us for rates of purchase prices above $1,000,000.00.
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Title Insurance and Endorsements are issued at Promulgated Rate.
This information is provided for instructional purposes only. Different fees may apply for certain transactions which are not reflected above. Southeast Title & Trust reserves the right at any time to amend its fee schedule. |
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Toll Free: 1-800-983-0116 |
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