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?
Correct Answer
C) Most lender fees cannot increase, but some third-party fees may increase with valid reasons
Correct: Under TRID rules, lender fees generally cannot increase, but some third-party fees may increase if there are valid changed circumstances. The lender must provide good faith estimates. Why not A: There is no blanket 10% increase allowance for all fees. Why not B: Third-party fees cannot increase without limit; there are restrictions. Why not D: Some fees can change under specific circumstances with proper disclosure.
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More Closing Procedures Calculations Questions
The buyer gets a $280,000 mortgage in Florida. The intangible tax is:
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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:
- → 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?
- → In Broward County, a seller is selling their home for $425,000. The documentary stamp tax on the deed is $3.00 per $1,000, and the intangible tax on the new mortgage of $340,000 is $2.00 per $1,000. If the seller pays the deed stamps and the buyer pays the intangible tax, what is the total documentary stamp cost for this transaction?
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Previous Question
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?
Next Question
In Florida, all of the following closing costs are typically negotiable between buyer and seller EXCEPT: