WWTBAM Bored

I am financing a 2nd home for one of my customers. The home he is purchasing is in Florida. I cannot believe the "fees" charged in that state.

Mortgage recording fee is about 5 times more than it would cost to record the same mortgage here.

State Tax/Stamps for the mortgage and deed combined are about 1% of purchase price--there are no State Tax/stamps here.

He is being charged 1.5% (of purchase price) by the title company for a "closing"fee. Here he would pay $150.00

I have completed financing for homes in AZ and I do not remember that state having these kind of fees.

kusch wrote:I am financing a 2nd home for one of my customers. The home he is purchasing is in Florida. I cannot believe the "fees" charged in that state.

Mortgage recording fee is about 5 times more than it would cost to record the same mortgage here.

State Tax/Stamps for the mortgage and deed combined are about 1% of purchase price--there are no State Tax/stamps here.

He is being charged 1.5% (of purchase price) by the title company for a "closing"fee. Here he would pay $150.00

I have completed financing for homes in AZ and I do not remember that state having these kind of fees.

its costs $3.70 per thousand to record a deed here, Mortgages are $10.00
If I could get 1.5% for a closing fee I'd be willing to do real estate again, title insurance is way less than that.

themanintheseersuckersuit wrote:

kusch wrote:I am financing a 2nd home for one of my customers. The home he is purchasing is in Florida. I cannot believe the "fees" charged in that state.

Mortgage recording fee is about 5 times more than it would cost to record the same mortgage here.

State Tax/Stamps for the mortgage and deed combined are about 1% of purchase price--there are no State Tax/stamps here.

He is being charged 1.5% (of purchase price) by the title company for a "closing"fee. Here he would pay $150.00

I have completed financing for homes in AZ and I do not remember that state having these kind of fees.

its costs $3.70 per thousand to record a deed here, Mortgages are $10.00
If I could get 1.5% for a closing fee I'd be willing to do real estate again, title insurance is way less than that.

So the $3.70/1000 is a state tax/stamp thing? Our mortgages are $10 for the first page and $3/page after that--same for a deed which are usually one or two pages.

tmitsss---the closing fee was in addition to his title insurance. (we require a lenders policy--and he is buying an owners.) What can I say, that friggin closing fee was right there on his purchase agreement that he signed---sigh.

So the $3.70/1000 is a state tax/stamp thing? Our mortgages are $10 for the first page and $3/page after that--same for a deed which are usually one or two pages.

The State and County share the documentary stamp revenue. When I started practicing law the tax stamps applied to mortgages too. Deeds and mortgages cost $10 for the first 4 pages and $1 per page after that for the recording fee.

What can I say, that friggin closing fee was right there on his purchase agreement that he signed---sigh.

And how much did his realtor get for letting him sign that?

kusch wrote: tmitsss---the closing fee was in addition to his title insurance. (we require a lenders policy--and he is buying an owners.) What can I say, that friggin closing fee was right there on his purchase agreement that he signed---sigh.

So the buyer paid for the title search and title insurance and then the place wants that extra fee...just because???

I swear that real estate lawyers must pull random people off the street to line up for a check, whenever there's a closing!

themanintheseersuckersuit wrote:

So the $3.70/1000 is a state tax/stamp thing? Our mortgages are $10 for the first page and $3/page after that--same for a deed which are usually one or two pages.

The State and County share the documentary stamp revenue. When I started practicing law the tax stamps applied to mortgages too. Deeds and mortgages cost $10 for the first 4 pages and $1 per page after that for the recording fee.

What can I say, that friggin closing fee was right there on his purchase agreement that he signed---sigh.

And how much did his realtor get for letting him sign that?

Just 7%.

MarleysGh0st wrote: I swear that real estate lawyers must pull random people off the street to line up for a check, whenever there's a closing!

Marley, Its the Real Estate Agents, and the mortgage brokers (I did not say mortgage bankers, there at least used to be a difference) doing this. I doubt Florida even requires a lawyer to participate in the closing, and the buyer should consult a lawyer before the contract is signed not afterwards when its too late.