What fees do the sellers typically pay for at closing?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What fees do the sellers typically pay for at closing?
We live in IN and are buying a villa in FL. We feel that our real estate agent is not completely on our side. Our IN lender said that the seller usually pays for title insurance (owners coverage) and the state tax stamp-deed. Our agent said that our lender does not know FL law and had no business telling us that. He has even said that we got such a good deal on the price that we could pay these fees. The owner must sel l -it is a 55+ community where his mother lived; she died and he is not of age. The agent keeps changing the contract and has moved up the closing date.
Asked on January 25, 2011 under Real Estate Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
These fees and who typically pays them varies from state-to-state (sometimes even county-to-county). However that having been said, my research suggests that you are correct. In FL, the custom is that the seller pays for both state Documentary Stamp Tax for Deed of Conveyance and the owner's title insurance policy. Additionally, the seller usually pays for Title Search, Exam and Closing Fee and the Assessment Search (current year's real estate taxes are prorated at closing).
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.