THE ALLOCATION OF CLOSING COSTS IN BROWARD COUNTY

First things first, where ever you buy residential real estate in the State of Florida, no matter what anyone tells you, there is no law that allocates the closing costs. What you ARE dealing with is the prevalent County customs and the terms of the Purchase and Sale Agreement. So for purposes of this discussion, we will discuss the customary Broward County Costs for an approximate $250,000 closing (which geographically includes Pompano Beach, Lauderdale-By-The-Sea, Lighthouse Point, and Fort Lauderdale, as well as other towns and cities).

A. Customary Allocation – Buyer’s Costs and Approximate amount.

1)     Property Appraisal performed by a licensed appraiser – $450.00
2)     Property Survey – $425.00
3)     Inspection of Property – roof, a/c, appliances, general overall condition – $500.00
4)     Insurance Premium for applicable coverage – Homeowner’s, Wind/Hurricane, Flood (based upon location in flood zone, or at your option for additional protection). Too many variables to provide estimate.
5)     Mortgage Loan Fee – Based upon existence of mortgage, amount, lender, etc.
6)     Documentary Stamps – Broward County $3.50 per each $1,000 of the mortgage you obtain.
7)     Intangible Taxes – $2.00 per each $1,000 of mortgage amount.
8)     Mortgage Recording Fee – If mortgage obtained, $10 for first page, $8.50 for each additional page.
9)     Settlement and Closing Fee – $600.00           

B. Customary Allocation – Seller’s Costs and Approximate Amount

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