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There are numerous real estate contracts available to the public. The contract dictates who pays what fees, repair limits, liability of parties, etc. We recommend that you take the time to read and ultimately choose a contract which best serves your needs.

 

“Cash” deal:

The “usual and customary” Title Costs for a Cash Buyer in the Central Florida area are as follows:

-For the Buyer, usually, they have one fee, the cost to record the deed in the public records.

 

Buyer “with Financing” deal:

The “usual and customary” Title costs for a Buyer “with financing” in the Central Florida area are as follows:

-Mortgage Policy                         $250.00

-Policy Endorsements              $175.00 Estimate

-Closing Fee                                   $550.00

*Please Note: Our closing fee includes wire fees, express mail, courier fees and doc imaging.

*Please Note: If the buyer is obtaining FHA or VA financing, the seller may be required to pay certain costs.

*Please Note: Closing Fee for simo 2nd mortage is $150.00

 

Endorsements: To calculate the Florida 9 endorsement, add the Owner’s Policy amount plus $250.00, then take 10% of that total for the FL9 endorsement. Most other ALTA endorsements are $25.00 per endorsement.

 

Tax on Documents

Mortgages and written obligations to pay money are taxed at the rate of 35¢ per $100.00 (or fraction thereof.)

Intangible Personal Property Tax:

Mortgage notes (and any promise to pay a sum of money on real estate) are taxed at the rate of two mills on the dollar (.20 per hundred) value of the mortgage/promise to pay.

Recording Requirements:

Documents must be properly executed (signed, witnessed, acknowledge, and notarized under seal.)

Documents must have a proper “prepared by” statement.

Documents must, when required, have the proper documentary stamps affixed.

The Department of Revenue Form regarding the transfer of property must be completed and filed.

Documents must have a blank space (3″ x 3″) on the top right-hand corner on the first page, a blank space (1″ x 3″) on the top right-hand corner on each subsequent page, reserved for use by the Clerk of the Court.

 

A reduced title rate, called “reissue rate,” is provided on refinance loans for borrowers who provide a copy of their Owner’s Policy of Title Insurance. This reissue rate is also given to a seller, if they have owned their home less than three years and provide their Owner’s Policy of Title Insurance. The reissue rate is based on the original owner’s policy versus the new title policy.

Ultimately, the primary role of a title company is insuring title to real property. Our staff has the expertise to make the process go smoothly, and will handle your transaction with knowledge, professionalism and courtesy.

NO KICKBACKS! We do not participate in any kickback arrangements with brokers, lenders or realtors, commonly disguised and cleverly marketed to you as one-stop shopping. These types of organizations refer to themselves as having “Affiliated Business Agreements”, “Controlled Business Arrangements” or LLC Companies.

Southern Title & Abstract does not participate in arrangements of this sort.