Audit memo Harbor Worksheet highlights this Florida rule. In a Tallahassee transaction, a closing coordinator wants the Florida rule on who may conduct closings. Which statement is correct?
Correct Answer
A) Questions about who pays a closing item often turn on the contract or local custom rather than a statewide mandate.
Questions about who pays a closing item often turn on the contract or local custom rather than a statewide mandate. This follows Current Florida closing practice; F.S. § 689.01; FIRPTA federal withholding basics; Pearson VUE Florida Sales Associate CIB.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Closing Procedures Calculations Question
Background Knowledge for Closing Procedures Calculations
Real World Application in Closing Procedures Calculations
Common Mistakes to Avoid on Closing Procedures Calculations Questions
Related Topics & Key Terms
Key Terms:
More Closing Procedures Calculations Questions
The buyer gets a $280,000 mortgage in Florida. The intangible tax is:
Property taxes of $2,400 for the year have been paid by the seller. The closing is on September 15th (day 258 of 365). How much does the buyer owe the seller for the unused portion of prepaid taxes?
A buyer purchases a home for $325,000 with a 10% down payment. The buyer also pays 2 points on the loan amount. If each point equals 1% of the loan amount, what is the total cash needed at closing for down payment and points combined?
In Florida, who typically pays for owner's title insurance?
In Florida, who typically selects the closing agent?
- → A Florida buyer's side of the closing statement shows note documentary stamp tax of $875, nonrecurring intangible tax of $500, lender charges of $1,200, and recording charges of $95. What is the buyer's total for those stated items?
- → A Florida buyer agrees by contract to pay a survey of $575, an inspection of $350, an appraisal of $650, and prepaid interest of $635. What is the buyer's total for these agreed costs?
- → In Florida real estate transactions, all of the following are typically paid by the buyer at closing EXCEPT:
- → A first-time homebuyer in Jacksonville is concerned about closing costs on their $195,000 home purchase. Their lender has provided a Loan Estimate showing various fees. Under Florida law and federal regulations, which statement about the lender's fee disclosure is most accurate?
- → Which statement best describes Florida's rule on state-imposed closing charges versus negotiable costs?
- → Scenario Harbor Manual raises this Florida point. A Florida buyer agrees by contract to pay a survey of $500, an inspection of $500, an appraisal of $575, and prepaid interest of $520. What is the buyer's total for these agreed costs?
- → A buyer in Orange County is purchasing a home for $295,000 with a conventional loan of $236,000. The lender requires: 1% origination fee, 0.5% discount points, $450 appraisal, $35 credit report, and $95 flood certification. The title company charges $1,100 for owner's title insurance and $650 for lender's title insurance. The buyer will also pay $375 for a home inspection. What is the buyer's total closing costs for these items?
- → A buyer in Palm Beach County is purchasing a waterfront home for $850,000 with a jumbo loan of $650,000. The lender charges 1.5% origination fee, 0.75% discount points, and a $1,200 underwriting fee. The documentary stamp tax on the deed is $3.00 per $1,000, and intangible tax on the mortgage is $2.00 per $1,000. If the buyer pays all lender fees and intangible tax, while the seller pays deed stamps, what is the buyer's total cost for these items?
- → An investor in Sarasota is purchasing a commercial property for $1,200,000 with owner financing. There will be no traditional lender involved. The parties have agreed that the buyer will pay for the survey ($2,500), environmental assessment ($5,000), and attorney fees ($3,500), while the seller will pay for title insurance and deed preparation. What is the primary difference in closing costs compared to a traditional financed transaction?
- → A Tampa Bay investor is purchasing a duplex for $185,000 with a $148,000 mortgage. In Hillsborough County, the documentary stamp tax on the deed is $3.00 per $1,000 and the intangible tax on the mortgage is $2.00 per $1,000. The title insurance premium is $5.75 per $1,000 of the purchase price. What is the total cost for documentary stamps, intangible tax, and title insurance?
People Also Study
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam
Previous Question
A property sells for $350,000 in Florida. The documentary stamp tax on the deed is:
Next Question
A Florida real estate transaction is scheduled to close on March 15th. The buyer's attorney discovers a cloud on the title that requires additional documentation from the seller. The seller's agent assures everyone the documents will be available by March 20th. What is the most appropriate action for the closing agent?