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?
Correct Answer
C) $1,814.75
Correct: Documentary stamps: ($185,000 ÷ $1,000) × $3.00 = $555. Intangible tax: ($148,000 ÷ $1,000) × $2.00 = $296. Title insurance: ($185,000 ÷ $1,000) × $5.75 = $1,063.75. Total: $555 + $296 + $1,063.75 = $1,914.75. Why not A: This calculation is missing components. Why not B: This uses incorrect rates or amounts. Why not D: This includes an error in the mathematical calculation.
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Previous Question
A real estate agent in Orlando is preparing a buyer for closing costs on a $275,000 condominium purchase. The buyer is obtaining an 80% LTV loan and the lender requires a loan origination fee of 1.25%, an appraisal fee of $475, credit report fee of $35, and flood certification of $25. The buyer will also need owner's title insurance estimated at $1,200. What category represents the largest portion of the buyer's closing costs?
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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?