Closing Costs- How much is title insurance?

Buying property is often the biggest purchase someone makes in their lifetime. The cost, in both time and money, when purchasing property can be extremely taxing, and at ZSPA, we are committed to making this process as swift and smooth as possible, by providing the utmost in customer care and maintaining open lines of communication with our clients.

I am here to keep you informed on what to expect from your home purchase, and that includes closing costs. There are closing costs associated with every real estate transaction, whether it’s an all cash deal or seller or lender financed. Although I always suggest contacting your lender first to verify your lending qualifications and ability to borrow, I have included here some of the costs to be expected when purchasing a home. These costs are usually bundled into your closing costs and evidenced on the settlement statement– the closing disclosure or HUD.

One of the biggest closing costs for a home buyer is the cost of title insurance. Title insurance rates are promulgated by the State of Florida, and the rate is based on the purchase price of the property or loan amount for a refinance. The State has set the title insurance rates to protect home buyers and to reduce the need to “shop around” (although we always suggest client’s hire a qualified real estate attorney to handle your title and closing needs.)

You can calculate your title insurance premium here.

The sample settlement statement pictured above includes some of the closing costs to be expected. These prices may vary depending on the transaction.

As always if you have ANY questions, please don’t hesitate to contact me!

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *