Closing Costs in Sarasota
Closing Costs in Sarasota: The Real Risks
Quick Answer
In Sarasota, closing costs can unexpectedly escalate, risking thousands of dollars and even contract failure. Florida’s documentary stamp tax and local customs, such as seller-paid title insurance, are governed by specific statutes and county practices. For a $450,000 home, closing costs can reach up to $55,310, including commissions and repairs. Discovering these costs late in the process can force buyers to bring unexpected cash or walk away from the deal. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Actually Breaks Deals in Florida
Insurance Binding Denials
In Sarasota, especially on barrier islands, securing insurance can be a nightmare due to coastal risks. During one transaction, the insurance binder was denied just days before closing, leaving the buyer scrambling. Without insurance, lenders won’t release funds, causing delays or even contract termination.
Recently my husband and I bought a condo in Longboat Key. We initially chose Team Renick simply because they were representing a property we were interested in, but decided to stay with them because they were so attentive. Eric Teoh was the agent assigned to us and he was very efficient, always prompt, and extremely knowledgeable about every property on LBK. When the day came for the walk-thru of the property we decided to bid on, Eric actually helped me measure the walls and even noticed when I wrote the dimensions on the wrong parts of the floor plan. When we had our closing, our attorney was impressed that our realtor was providing us with such a good home warranty. And then there’s Team Renick’s contribution to the LBK nature conservancy for every sale they make. On every front, an outstanding realtor!
– LWGraboys, Zillow Review
Condo Association Approvals
HOA and condo approvals can bottleneck deals, particularly with older condo stocks. I once saw a deal fall apart because the condo association delayed approval due to reserve funding issues post-Surfside. This not only cost the buyer their deposit but also wasted months of effort.
Where It Usually Blows Up
The final walkthrough is often where hidden issues surface, making this stage particularly brutal. At this point, buyers have already invested time and money into inspections and appraisals. If problems like unapproved repairs or appraisal gaps arise, buyers face the choice of renegotiating terms or losing their deposit, often amounting to tens of thousands of dollars.
What I Tell Clients Before They Risk Money
- Verify Insurance Early: Ensure your insurance binder is secured well before closing.
- Check HOA/Condo Approvals: Confirm all necessary approvals are in place before committing.
- Understand Closing Costs: Get a detailed breakdown of all potential costs upfront.
- Review Statutory Disclosures: Make sure all required disclosures under Florida Statute 718 are provided.
- Confirm Title Work: Ensure a thorough title search is completed to avoid last-minute surprises.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
Call 941.400.8735 or Schedule a Call
Questions Clients Actually Ask
What are the most common unexpected costs at closing?
Unexpected costs often include higher-than-anticipated insurance premiums or additional lender fees. These can arise from underwriting conditions that are not met until late in the process, leading to last-minute financial strain.
How can I avoid losing my deposit?
To protect your deposit, ensure all contingencies, such as inspections and financing, are clearly outlined and adhered to. Failing to meet these conditions can lead to contract termination and loss of your deposit.
My wife and I have purchased three condo’s and sold two condo’s through Team Renick with great success and ease. Mike Renick & Eric Teoh took care of ever detail in each transaction. Eric delivers exceptional customer service always. Even two years after the sale, I know I can call Eric for absolutely anything. Thanks Mike & Eric for all you do!
– Sandra McAuley, Google Review
What To Do Right Now
Request a detailed closing cost estimate from your title company or attorney, including all potential fees and taxes. This proactive step can help you budget accurately and avoid last-minute financial surprises.
Get my monthly Market Brief — I track what is actually happening in Florida: pricing, inventory, insurance problems, and deals falling apart. Subscribe here
To learn more about Michael and Team Renick:
To search for local properties:
https://search.teamrenick.com/
To read more about what Michael shares with his clients:
