Who Pays Closing Costs in Nokomis?
Who Really Pays Closing Costs in Nokomis?
Quick Answer
In Nokomis, both buyers and sellers typically share the burden of closing costs, but the exact split can vary based on negotiations. Florida’s real estate transactions are governed by systems like the Florida Statutes and local county regulations, which dictate certain mandatory fees and taxes. For example, sellers often cover the documentary stamp tax, while buyers might pay for title insurance. Discovering these obligations late in the process can lead to unexpected financial strain and even jeopardize the deal. I’ve seen deals fall apart when parties were unprepared for these costs at the closing table. 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
Unexpected Insurance Costs
Insurance binding can be a nightmare in coastal areas like Nokomis, especially with barrier-island properties. I’ve seen buyers get blindsided when insurers refuse to bind policies due to outdated inspections or unaddressed coastal risks. This can delay closings or force buyers to walk away, losing deposits in the process.
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
HOA and Condo Approvals
The HOA approval process can be a deal killer. I’ve witnessed transactions stall when associations demand additional documentation or impose unexpected fees. The Florida Statute 718 governs these processes, and failing to meet their requirements can lead to contract termination and financial loss.
Where It Usually Blows Up
Most closing cost surprises surface during the final walkthrough or just before closing. This timing is brutal because both parties have already invested significant time and money into the transaction. When unexpected costs arise, buyers may need to scramble for additional funds, risking their deposit if they can’t meet the new financial demands. Sellers might face renegotiations or even lose the sale entirely.
What I Tell Clients Before They Risk Money
- Understand Local Costs: Know what fees are typical for buyers and sellers in Nokomis.
- Review Insurance Early: Get insurance quotes and confirm binding before the inspection period ends.
- Check HOA Requirements: Ensure all association approvals are in place well before closing.
- Negotiate Closing Costs: Use the contract phase to clarify who pays what.
- Prepare for Appraisal Gaps: Be ready to renegotiate if the appraisal doesn’t meet the purchase price.
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 documentary stamp taxes?
Documentary stamp taxes are fees imposed on the transfer of real estate in Florida, often paid by the seller. This is governed by Florida Statute 201, and failing to account for it can lead to unexpected costs at closing.
How do HOA fees affect my closing?
HOA fees can include transfer fees or capital contributions, which are sometimes due at closing. If these aren’t anticipated, they can create financial strain or delay the transaction.
Purchasing a home can be a time-consuming and stressful venture: visiting prospective homes; identifying the pros and cons of each property; deciding which properties are right for you; final visit at these properties; making an offer (and counteroffer); dealing with the Sellers realtor; reviewing the Agreement For Sale; finding an attorney; finding a home inspection company; and acquiring home and flood insurance. Then the difficult task starts, working with a bank and filling out all the paperwork (Ugh!). Mike and Eric were very helpful throughout the process and kept us informed of our requirements and responsibilities for each deadline.
– bshea20047, Zillow Review
What To Do Right Now
Review your contract with a focus on closing costs and ensure all parties understand their financial obligations.
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