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CLOSING AND CITY COSTS

Portability

Find out more:
https://www.pbcgov.org/papa/portability.htm
Use the Portability Calculator Here.

Closing Costs

Use our Closing Costs Calculator. This program is designed to estimate the closing costs for both the buyer and seller based on a specific sales price and loan amount you enter below. It does not include closing costs charged by a buyer’s lender.

 Closing Costs Calculator
Fill in the “Sale Price” and “Loan Amount”,
then press Calculate.
Loan Amount: $ Sale Price: $  
Buyer’s Closing CostsSeller’s Closing Costs
Recording Fees:$10.60 first page,
$8.50 each additional page
State Documentary Stamp Tax:$
Intangible Tax on Mortgage:$
Taxes:Current year’s real estate taxes are prorated at closing
Survey:$500 (approx)
Lender’s Title Insurance Policy:$400-600
Endorsements to Lender’s Policy:$40-60 plus $35.00 for each
additional endorsement
Express Mail:$25-50 (if applicable)$25-50 (if applicable)
Insurance:
Contact Allstate
1st year’s premium must be paid at or before closing and additional 2 months must be escrowed.
State Documentary Stamp Tax
for Deed of Conveyance
:
$
Assessment Search:$70-80
Owner’s Title Insurance Policy:$
Title Search, Exam and Closing Fee:$600
Total$–$–
Disclaimer: These are estimated costs, all information is estimated and subject to change without notice

The payment of closing costs is a negotiable term of your real estate contract. The above allocation represents the customary allocation in Palm Beach County, Florida.

In addition to the costs shown above, taxes and assessments will be prorated between the parties at closing. Courier fees are charged when the delivery of documents is required.

The seller typically pays for warranty deeds, documentary stamps, title insurance, and commissions.

Who pays for which expenses at closing?

Closing costs are customarily, but not always, divided between the buyer and seller, as follows*:

Buyer

  • Recording Fees – Record Deed: $10.60 first page, $8.50 each additional page; Record Mortgage: $10.60 first page, $8.50 each additional page
  • State Documentary Stamp Tax – $0.35 per $100.00
  • Intangible Tax on Mortgage – 2 mils per dollar of exact mortgage amount (approx. $2 per thousand)
  • Taxes – Current year’s real estate taxes are prorated at closing – depends upon closing date, however there must be enough in escrow to pay for following years taxes.
  • Survey – $500
  • Lender’s Title Insurance Policy – If issued simultaneously with Owner’s Policy, $400 to $600 in most cases.
  • Endorsements to Lender’s Policy – 10% of total amount of Title Insurance being issued, plus $35.00 for each additional endorsement.
  • Express Mail – If applicable, charged to the appropriate party $25 – $50
  • InsuranceContact Allstate. 1st year’s premium must be paid at or before closing and additional 2 months must be escrowed.

Seller

  • State Documentary Stamp Tax for Deed of Conveyance – $0.70 per $100.00 of sales price or fraction thereof
  • Assessment Search – $70.00 – $80.00, depending on City
  • Owner’s Title Insurance Policy – Based on the sales price ($5.75 per $1000) up to $100,000 & $5.00 per $1000 after $100,000
  • Taxes – Current year’s real estate taxes are prorated at closing
  • Title Search, Exam and Closing Fee – Approximately $600.00

* Prices are subject to change without notice

What items are needed at closing?

You will want to have these items complete or in hand when you come to the closing (please confirm with your escrow officer prior to closing):

Buyer

  • Buyer’s copy of purchase agreement
  • Cashier’s check for amount needed to close
  • Proof of purchase of insurance for fire, casualty, etc.
  • Photo identification (passport, driver’s license, or state-issued identification card)

Seller

  • Seller’s copy of purchase agreement
  • Any unrecorded instruments that affect the title
  • Proof of satisfaction of any mechanics’ liens, chattel mortgages, judgments, or mortgages that were paid prior to the closing
  • Photo identification (passport, driver’s license, or state-issued identification card)

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