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.