The Anna Maria Island Sun Newspaper

Vol. 15 No. 14 - January 28, 2015

REAL ESTATE

Real estate fees and taxes

 

Nowhere to run nowhere to hide. No matter where in the world you’re buying real estate, you’re going to get hit with fees, taxes and most of it will not make much sense. But it’s the price we pay for the privilege of becoming homeowners.

Closing costs vary widely depending on the state you live in, the day of the month you close and the lender you choose. But some of the fees that you can count on are paying mortgage lender fees, appraisal fees, recording fees, title search and title insurance, survey costs and possibly attorney fees. Real estate commissions are the responsibility of the seller, unless you’re using a buyer’s broker.

When you apply for a mortgage, lenders are required by federal law to provide within three days of the loan application a written good faith estimate outlining estimated fees for the loan. The lender’s fees are firm, but the fees for appraisals, surveys, inspections and title services are estimates, and final fees should come in within about 10 percent of the estimates. In addition, if you are placing a mortgage on the property, you will be required by the lender to purchase title insurance, which will guarantee that the title to the property is free and clear based on a full search of the title records.

Not all lenders are created equal, and not all lenders charge the same fees. Origination fees vary among lenders, and comparison shopping could result in lower fees. Lenders may also offer lower origination fees for their customers based on length of time banking with them and deposit amount.

And the age old question about when to hire an attorney and when not to is usually decided by a combination of regional culture and the purchaser’s comfort zone. For example, the real estate culture in many parts of the Northeast, especially near the major cities, is primarily to hire an attorney as opposed to most of Florida, where the real estate agents and title companies handle the sale.

In fact, it is almost impossible to purchase real estate any other way in an attorney area. Attorneys draw up the contracts, negotiate with each other regarding the terms of the sale and go to the closing. Most real estate agents in these regions never touch a contract once they brought the buyer and seller together. Again attorney’s fees vary and should be something clear from the outset of the transaction.

If you’re lucky enough to be purchasing a high end home, you may be required to pay a Mansion Tax depending on where you live, which may turn out to be the biggest big ticket item on your closing costs list. The so called Mansion Tax is a tax levied on property transfers that are sold over a certain price point. For example, in the state of New York, the tax is 1 percent of sales at or over $1 million. Just think about how many $999,999 sales are booked. The tax is generally paid by the seller, if not the buyer is responsible. Either way, the state of New York gets their money. In addition, New York is considering raising this tax and also instituting a new tax on second homes. The Mansion Tax is also applicable in San Francisco and Los Angeles, as well as many international cities like London, Singapore and Hong Kong, but thankfully, not in Florida so far.

When purchasing real estate, trying to hide from the fees is impossible. What is possible is educating yourself so when you see that good faith estimate you don’t run away.

Real Estate Transactions
November 2014

Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

12/29/2014 569900 552000 762 N. Shore Dr. 1068 2 Br/2 Ba SFR
12/23/2014 798000 728000 216 Oak St. 1789 2 Br/2 Ba SFR
12/10/2014 1675000 425000 861 N. Shore Dr . 2914 54x137 4 Br/3 Ba SFR
12/12/2014 260000 522 Pine Ave. #2c 822 2 Br/1 Ba Condo

Bradenton Beach

12/29/2014 255900 243000 108 4th St. N. 786 50x100 2 Br/1 Ba SFR
12/18/2014 549900 535000 2515 Avenue C 1584 4 Br/2.5 Ba SFR
12/29/2014 189000 170000 107 8th St. S. 4 570 2 Br/1 Ba Condo
12/20/2014 415000 394000 250 17th St. 1268 2 Br/2 Ba Condo
12/02/2014 697000 650000 1900 Gulf Dr. N. 3 1206 2 Br/2 Ba Condo
12/08/2014 245000 225000 1801 Gulf Dr. N.#266 691 1 Br/1 Ba Condo
12/15/2014 325000 295000 1801 Gulf Dr. N. 247 1080 2 Br/2 Ba Condo
12/29/2014 314900 295000 1801 Gulf Dr. N. #216 1080 2 Br/2 Ba Condo
12/15/2014 390000 380000 1000 Gulf Dr. N. #8 450 1 Br/1 Ba Condo
12/29/2014 569000 540000 2319 Avenue C #100 1673 3 Br/2 Ba Condo

Cortez

12/10/2014 459000 400000 12408 42nd Ave. W. Dr. 1745 3 Br/2 Ba SFR

Holmes Beach

12/30/2014 419000 405000 312 66th St. 1231 2 Br/2 Ba SFR
12/30/2014 475000 450000 502 69th St. 1180 2 Br/2 Ba SFR
12/09/2014 448700 493572 201 69th St. #A 1664 2 Br/2 Ba SFR, Reo/Bank Owned
12/05/2014 619000 605000 303 74th St .# A 1340 3 Br/2 Ba SFR
12/18/2014 675000 630000 405 73rd St. 1800 100x85 3 Br/2.5 Ba SFR
12/15/2014 649000 634500 217 81st St. 2020 3 Br/2.5 Ba SFR
12/04/2014 679000 635000 7204 Marina Dr. #B 1319 3 Br/2 Ba SFR
12/04/2014 899500 850000 531 69th St. 85x123 3Br/3 Ba SFR
12/08/2014 979000 940000 214 75th St. 1929 4 Br/3 Ba SFR
12/31/2014 1270000 1180000 303 68th St. 1800 4 Br/3 Ba SFR
12/12/2014 1499999 1300000 613 N. Point Dr. 3939 4 Br/4.5 Ba SFR
12/19/2014 1450000 1300000 536 70th St . 2370 3 Br/3 Ba SFR
12/22/2014 445000 369000 6309 Gulf Dr. 1252 3 Br/2 Ba SFR
12/05/2014 425000 395000 4255 Gulf Dr. # 107 1865 3 Br/3 Ba SFR
12/30/2014 644900 639000 4005 4th Ave. 2988 4 Br/4 Ba SFR, Reo/Bank Owned
12/01/2014 239000 220000 3601 E. Bay Dr.#207 1004 2 Br/2 Ba Condo
12/16/2014 249500 245000 5400 Gulf Dr. #11 996 2 Br/1.5 Ba Condo
12/18/2014 315000 300000 600 Manatee Ave. 118 1179 2 Br/2 Ba Condo
12/22/2014 379000 369000 3302 6th Ave. #1 750 2 Br/2 Ba Condo
12/01/2014 485000 460000 6250 Holmes Blvd. #40 1536 3 Br/2.5 Ba Condo
12/19/2014 599000 575000 317 64th St. 317 2001 3 Br/2.5 Ba Condo
12/31/2014 44900 40000 6800 Bl. Marina Dr. #8 Dock
12/31/2014 69000 50000 11 N Between Baronet/Concord Dock
12/15/2014 395000 375000 213 77th St. 75x101x92x99 Vac

Source: Mid Florida Multiple Listing Service


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