Categories
Uncategorized

What are Property-Related Fees?

Close-up of a person’s hand filling a document in front of a house

Buying a home can be shockingly expensive, especially once the Florida real estate closing costs are determined. There are many different fees associated with these costs, such as property taxes, insurances, title fees, and more. The total amount you pay will vary based on what is included in the prices. Below is what you can expect to be included in the property-related fees of your closing.

Property-Related Closing Cost Fees

The appraisal fee: Included in your closing costs will be the fee for the appraisal of the property. It is essential for a lender to ensure the amount being borrowed is worth as much as the property being purchased. This will let them know that the amount you requested is justified and that it can recoup the home’s value should you default on the loan. Certified appraisers on average charge between $300 and $400 for the appraisal.

The home inspection fee: many lenders require a home inspection, even more so if the mortgage is government-insured. Before lending you a lot of money for the property, the bank wants to make sure the structure is in excellent, livable condition. If the inspection uncovers some significant issues, you may be able to negotiate a lower price or back out of your contract altogether. An inspection will generally be $300 to $500 on the closing costs.

Categories
Uncategorized

How to Budget for Closing Costs, Part 2

African American couple shaking hands with a real estate agent

Closing costs can be unexpectedly expensive, but fortunately, there are ways to budget and save on them. Instead of paying more than you have to on the home of your dreams, the following tips can help you save extra on this expensive part of the buying process.

Plan Your Closing Time

One part of your closing costs consists of interest for the time between your closing date and the end of the current month. To reduce your out of pocket costs, opt for a closing date closer to the end of the month to minimize this prepaid interest.

Sign in Person

You may be able to reduce your closing costs by asking your escrow company. Contact them at the very beginning of the process to discuss all of the fees you will be charged. Then agree to use any electronic documents and sign in-person to potentially avoid fees for printing and mailing.

If you are concerned about the closing costs associated with your home purchase, contact our real estate attorney in St. Johns County. At Baron Bartlett, P.A., we have been assisting those with all of their real estate law needs since 1980. We can handle a variety of transactions and cases, so call our team today at (904) 285-9993 to schedule a consultation.

Categories
Uncategorized

How to Budget for Closing Costs, Part 1

Female real estate agent with a young couple

When you purchase a home, you not only need to have a down payment saved up, but you will need to factor closing costs into your budget. Florida real estate closing costs are the fees you pay to help facilitate the sale, and the amount you pay depends on the price of your home, lender requirements, and location. Below are some examples of how you can budget for your closing costs.

Choose Your Location

Since your location has a lot to do with the total closing costs, you want to ensure your location is not only in a suitable community but in an affordable area as well. Be sure to ask your real estate agent about the average closing costs in the area you are looking to live.

No Harm in Negotiating

Though you may not be able to control all aspects of your closing costs, you may be able to negotiate a few in your favor. For example, you have the right to choose the survey company used to evaluate the land. This allows you to shop around for a company that meets your budgeting needs instead of the one selected by the seller.

Shop Around for Loans

A critical step to saving on closing costs is to select the best home loan available to you. Some loans can increase after closing, so be sure to pay extra attention to all companies you are considering to get the best option.

Categories
Uncategorized

What is the Difference between a Net Lease and a Gross Lease?

Businessman shaking hands with another businessman

When a commercial property is sold, the interest is sold for a single price. When it comes to commercial leases, there are different approaches involved for payment. The most common leases are a net lease and a gross lease, each with their own set of differences and advantages.

What is a Gross Lease?

This type of lease is the most tenant-friendly, as the rent is all-inclusive. Many of the expenses that come with living in the property, such as utilities and handyman services, are covered in the lease. Though the landlord can negotiate various aspects of these leases, the purpose is to primarily benefit the tenant without placing too much strain on the property owner.

What is a Net Lease?

A net lease tends to be more landlord-friendly, as it requires the tenant to pay not only rent, but also any taxes, insurance, and maintenance associated with the property. Though the payments can fluctuate based on the level of maintenance or utilities used, the tenant may find that they are paying less overall than they would with a gross lease due to these fluctuations.

If you are interested in leasing a commercial property but are unsure as to which type of lease is best for you, contact our real estate attorney in St. Johns County. Our experienced team at Baron Bartlett, P.A. will help you navigate all confusing aspects of your latest transaction.

Categories
Uncategorized

What Does A Real Estate Attorney Do?

Scales of justice and law book on a table

When you are investing in a real estate purchase, it is wise to have a real estate attorney in Jacksonville Beach, FL, on your side. An attorney will assist with the transaction and will primarily draft, negotiate, and close transactions on selling, buying, and leasing property.

Our real estate attorney is also here to help handle any disputes. This can include a breach of contract, zoning compliance, foreclosure, and boundary disputes. Though the hopes of any potential buyer are for the transaction to go smoothly, having a lawyer on your side can help you take on any challenges with confidence.

At Baron Bartlett, P.A., we specialize in commercial and residential real estate transactions. Our goal is to help you achieve the home or business location of your dreams in the Ponte Vedra area. Since 1980, we have been assisting clients with a variety of legal needs related to their real estate purchases. From closing costs to mortgage loans, our team is here to help you solve any dispute.

When you are in need of a real estate attorney in Jacksonville Beach, FL, look no further than Baron Bartlett, P.A. Our team is available to assist with a variety of legal issues, including sales, purchases, property titles, property rights, land development, and more. Contact our team today at (904) 285-9993.