How Much Will That Real Estate Transaction Cost You?
Whether you are just starting the home buying process, are getting ready to sell your home, or are looking to refinance your mortgage, you have to consider how much the estimated closing costs are before you can have an idea of what your actual costs will be. Closing costs cover the fees charged by many of the professionals needed to finalize your real estate transaction, like your title company, mortgage lender, or real estate attorney.
For estimated closing costs, the rule of thumb is 3%-6% of the home’s purchase price. For a typical Orlando home purchased for $350,000, that means your closing costs could range anywhere from $10,500 to $21,000.
Many factors go into determining your closing costs, including your location and your credit score. Your mortgage lender is required to provide your estimated closing costs within three days of receiving your mortgage application. The good news is that it is unlikely these numbers will change significantly, although they will fluctuate some before getting locked in ahead of your closing.
Keeping Closing Costs Down
At Leading Edge Title, we strive to make our costs as transparent as possible so that your estimated closing costs are accurate. The exact values can change depending on whether you plan on a cash transaction or a financed transaction. Discounts are also available for veterans, first responders, educators, and repeat customers, so please contact us for a more detailed and accurate quote.
Seller Closing Costs
- Settlement Fee (Financed) – $495
- Search Fee – $75
- Municipal Lien Search – $150
- Owner’s Policy of Title Insurance (Based on Sales Price):
– Up to 100K – $5.75 per $1,000
– Over $100,000 up to $1,000,000 – $5.00 per $1,000
– Above $1,000,000 – call for quote
Buyer Closing Costs
- Settlement Fee (Financed) – $675
- Simultaneous Issue (Financed) – $350
- Endorsements (Financed) – $50
- Survey – $275 for a standard lot (block estimate – call for a quote)
- Cash Settlement Free – $295
- Florida Form 9 Endorsement – 10% of the total policy premium
Some prices may vary and are not listed above, like an Owner’s Policy for Sellers and FL Form 9 for Buyers.
Your Closing Experts
For over 20 years, Leading Edge Title has provided exceptional title services to home buyers, sellers, and real estate agents. In that time, we’ve taken part in over 15,000 closings covering all types of transactions, including purchases, new construction, short sales, refinancing, and more.
For many of us, our home purchase will be the most significant transaction of our lives. You should feel confident with your team of professionals who help guide you through the sometimes complicated process. Our experienced Closers and Processors help our clients feel confident in the accuracy and thoroughness of our title searches. We are underwritten by First American Title Insurance Company and Fidelity National Title Insurance Company and service the entire state of Florida.
Whether you are buying or selling your home or are an agent looking for an exceptional title company in order to better serve your clients, reach out to us today and see how Leading Edge Title can help.