Florida has one of the fastest growing real estate markets in the country that is bringing new residents to the state on a regular basis. If you are considering a move to Florida, then you should become familiar with the residential real estate closing process and the fees that will apply. Closing on real estate in Florida is generally the same as other states, but there are some fees you have to be aware of before you sign on the dotted line.
Standard Closing Costs
The majority of Florida real estate closing costs are the same as any other state. Those costs consist of lawyer’s fees, home inspections, property taxes, the down payment and bank fees. In order to find out all of your basic fees, you should get in touch with a Florida law firm in the area where you will be moving and work with them on putting together your closing and figuring out your fees.
The weather in Florida is world famous for being intense, windy and wet. One of the residential real estate laws in Florida that differs from other states is that flood insurance can be mandatory depending on where your home is located. In some parts of Florida, flood insurance can be expensive an add a considerable amount to your closing costs. When you start looking for a Florida home, your real estate agent will alert you to the flood insurance requirements for the area where you will be living.
Homeowner Association (HOA) fees are not usually a part of the closing for your Florida home, but they will need to be paid separately if you live in a community run by an HOA. Each HOA has its own fees, so you will want to be sure to get a schedule of fees before you close on your home.
It is a good idea to become familiar with the closing costs and fees you will have to pay when you close on your Florida home before you get to the closing date.