Orlando Title & Escrow
Orlando Title & Escrow

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Closing Costs

In Florida, like elsewhere, most of your closing costs are incurred in connection with obtaining a mortgage. However, even if you are not obtaining a mortgage, you can expect the following closing costs:

BUYERS CLOSING COSTS

  1. Lenders Title Insurance and Lenders Title Endorsements if applicable.
  2. Closing Fee: Charged by the closing agent for closing on the property.
  3. Title Examination: $75 - $100
  4. Recertification Fee: Charged by title company for reviewing recorded deed and issuing title policy.
  5. Couriers Fees
  6. Recording Fees
  7. Documentary Stamps
  8. Intangible Taxes
  9. Survey: You will want to make sure exactly what the boundaries are to your property and make sure that there are no unusual easements running through your property.
  10. Termite/Roof Inspections
  11. Prepaid Maintenance Recreations Fees
  12. Homeowners Association Dues/Transfer Fees
  13. One Year Homeowners/Flood Insurance Premiums
  14. Fees, Points, Interest and Reserves Associated with any Lender and/or Mortgage Broker
  15. Attorneys Fees if applicable

SELLERS CLOSING COSTS

  1. Title Insurance
  2. Closing Fee
  3. Title Search
  4. Courier Fee
  5. Tax and Lien Search
  6. Recording Fees
  7. Real Estate Commissions
  8. Payoff of Existing Loans
  9. Real Property Tax Proration to date of closing
  10. Escrow or payment of final Utility Bill
  11. Payment of any outstanding Homeowners Association Maintenance Dues or Assessments
  12. Documentary Stamps on Warranty Deed
  13. Estoppel Request Fees
  14. Attorney Fees if applicable

Closing Costs for Obtaining a Mortgage or refinancing an Existing Mortgage

Most lenders will charge for many of these items. Be sure to request a Truth and Lending Disclosure form before committing to a loan. This disclosure form will tell you about all of your closing costs such as:

  1. Application Fee: Charged by lender; usually paid before closing; can range from $50 - $550.
  2. Underwriting Fees: Charged by Lender; the fee for approving the loan.
  3. Flood Certificate Fee: Charged by Lender to determine if property is in flood zone.
  4. Tax Service Fee: Charged by Lender to monitor payment of real property taxes.
  5. Loan Origination: Charged by Lender for giving you the loan.
  6. Loan Discount Fee: Charged by lender for reducing the interest rate on the loan.
  7. Document Preparation Fee: Charged by Lender for preparing loan documents.
  8. Escrow's: Some lenders require you to escrow money in advance for real estate taxes and insurance.
  9. Prepaid Interest: If you close on any day other than the last day of the month, you will need to prepay interest for the rest of the month. Your next mortgage payment, however, won't be due until 30 days after the 1st day of the following month.
  10. Settlement Fee: Charged by the closing agent for closing your loan.
  11. Title Examination: Charged by the closing agent for examining the status of title on the property.
  12. Title Insurance: Required by Lender to close. Big savings are available if closing on loan is coordinated with the purchase of the property.
  13. Intangible Taxes: .0020 % of loan amount charged by State of Florida at closing.
  14. Documenting Stamp Taxes: .0035% of loan amount charged by Florida at closing.
  15. Recertification Fee: Charged by title company for reviewing recorded deed and issuing title policy.

Orlando Title & Escrow's Rates and Fees

Title Insurance rules in Florida are highly regulated. Therefore, your selection of a title company will usually be based on the company's reputation for service as opposed to price. The Florida Promulgated Rate for an owner's title policy is as follows. In the Orlando area, these costs are paid for by the Seller.

$5.75 per $1,000 of value up to $100,000
(or $575 for $100,000 of property value).

$5.00 per $1,000 of value up to $1,000,000
(or $500 for every 100,000 of property value)

**Above $1 million, please call us.

Additional charges are as follows for closings:
See Costs for Seller

Miscellaneous

** To see how much of a mortgage you can afford, check out our mortgage calculator.
** If you would like us to contact you with periodic developments or information that may be of use to you such as special low rates from our preferred lenders, please provide us your email address on this inquiries form.

Orlando Title & Escrow, Inc.
801 International Parkway, Fl. 5
Heathrow, FL 32746
 Toll Free Phone: 888-324-6114
Fax: 866-284-1516

Capital Plaza at Lake Eda
301 E. Pine Street, Suite 150
Orlando, FL 32801
Toll Free Phone: 888-384-6114
*(Intelligent Office)

4700 Millenia Blvd., Suite 175
Orlando, FL 32839
Toll Free Phone: 888-384-6114
*(Intelligent Office)

E-mail: contactus@orlandotitle.com
( Directions to Orlando Title from Local Airports )

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