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?
Correct Answer
A) $2,670
Add all stated buyer-side items: $875 + $500 + $1,200 + $95 = $2,670.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Daily rate calculation involves determining the cost or income per day by dividing the total amount by the number of days in the period (usually a year or a month). This is a fundamental step in proration.
The capitalization rate (cap rate) is the ratio of a property's net operating income to its sale price, expressed as a percentage. It is used to estimate value and compare profitability of investment properties. Cap Rate = NOI / Value.
The capitalization rate (Cap Rate) is the rate of return on a real estate investment based on its expected income.
More Closing Procedures Calculations Questions
The buyer gets a $280,000 mortgage in Florida. The intangible tax is:
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?
A Florida closing occurs on August 1. Use a 360-day year, 30-day months, assume property taxes are paid in arrears, and assign the day of closing to the buyer. If annual taxes are estimated at $3,240, what buyer credit corresponds to the seller's accrued tax debit?
A Florida property closes on June 18th. The seller has a homeowner's insurance policy with an annual premium of $2,400 paid through December 31st. Using the 365-day method and treating the day of closing as belonging to the buyer, what credit should the seller receive for the unused portion of the insurance?
A Jacksonville property closes on September 22nd. The homeowner's insurance premium of $1,200 runs from August 1st through July 31st of the following year. The buyer will assume the policy. Using the 30-day month (banker's) method and treating the day of closing as belonging to the buyer, what is the insurance proration amount and who receives the credit?
- → 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?
- → In Florida, who typically pays for owner's title insurance?
- → In Florida, who typically selects the closing agent?
- → 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?
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Previous Question
A Florida contract states that the seller will pay deed documentary stamp tax of $1,260, owner's title charges of $650, and deed recording fees of $54. What is the seller's total for those stated closing costs?
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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?