Buying can be intimidating – but not with TIME Realty Services to help you. We explain every step of the process to our clients. We want you to make informed decisions about purchasing real estate. We can help you with a home for yourself or investment property. We take the time to listen to your needs and criteria then help you find just the right property. Call us today to discuss your needs!
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Everywhere there are local county customs of who pays for what. In Southwest Florida you will find that generally, it costs less in closing fees if you are the Buyer – the Seller pays most of the closing related fees. The Seller usually pays for the title search and title insurance. The Seller will also be required to pay Documentary Stamps, the cost of the closing agency, and of course the real estate commission. The Buyer will pay for the cost of the mortgage, the cost to file the deed at the courthouse, and reimburse any pre-paid amounts to the seller (HOA fees, stormwater fees etc). Not sure what all of that will add up to? A proforma closing statement can be prepared that shows you all of the costs.
What you can expect to pay for at closing
Types of Transactions
These are more common than ever before. This mode of sale first became popular with the foreclosures and short sales, and now is the “norm”. In this transaction, the seller is not willing to making any repairs to the property. This does not mean there is anything “wrong” with the property, and the State of Florida still requires the owners to disclose any defects. However, the Florida contract has a buyers inspection clause that allows them to cancel within the inspection period “for whatever reason”. In this case, only requests for structural defects would come back to the seller for negotiation of repairs, and smaller items would be assumed by the buyer.
You will see these terms when a bank has foreclosed on a home and taken it back from the owner. You will find most foreclosures listed in the MLS. The majority of the banks have restrictions and rules that the buyer has to agree too…not to mention their addendum which overrides the sales contract. These properties are sold “as is” and it is common that they have no appliances and may need repairs. However, if you don’t mind the repairs, these are generally worth the purchase.