Closing Costs Defined

Closing Costs Defined

Often times as we move into the real estate world of closings we forget what terms really mean.  Here we outline some closing cost terms to assist you.

UntitledContract of Sale
A contract is a legally binding agreement between a seller and purchaser in which each party gives consideration to define the terms of the sale/purchase.

Closing Fee
A closing Fee is charged as a service. This is a usual and customary fee by the title insurance company.

Title Search
A title search, also called a title report or abstract of title, is used to verify that the seller is the true owner of the property being sold and that the seller has the right to sell it.

Title Insurance
Title Insurance protects the insured in the event of a lien or possible other problems with the title for the property in question, this may include something that was missed or overlooked. Title Insurance protects the insured from day of closing into the past.

Recording/Transfer Fee
The recording fee covers the cost of recording the conveyance or lien of the property in public records.

Deed Documentary Stamps (County/State Tax)
Deed Documentary Stamp fee is charged by the governing county/state where the property is being settled. This fee is charged on the sales price of the property, payable to the county.

Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public.

Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com

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Posted on December 13, 2013, in Title and tagged , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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