Typical Buyer’s Expenses
Buyer’s Typical Expenses: Loan application, mortgage points, appraisal, credit report, title insurance (lender’s policy/owner’s policy), title examination, title update (from delivery to closing), document preparation, courier fees, recording fees ($4-$7 per page), buyer’s attorney’s fees, documentary stamps on the note ($.35 per $100 of the note amount), intangible tax on the mortgage ($.20 oer $100 of the mortgage amount), survey, inspections. $250 EWM flat rate commission, property taxes (2-4 months), hazard insurance (14 months), flood insurance – if required(14 months), windstorm insurance – if required (14 months),PMS Premium (if loan is more than 80% loan to value, prepaid interest.
ESTIMATING TAXES and INSURANCE:
should run approximately 2% of your purchase price on new construction
. Since taxes are based on Millage Rates (which vary from one municipality to another), this 2% property tax formula will serve as a rough ’guestimate’, giving you a ballpark figure. On resale properties
, you can refer directly to www.MiamiDade.Gov
for the tax calculations. Property taxes are initially based on the previous owner’s tax… but will be adjusted to the resale values. Because the adjustment is not necessarily automatic, you may want to submit the requisite documentation after purchase, if the price of acquisition varies significantly from the currently stated market value.
Insurance will run roughly another 1.5% (unless you’re buying in a condo, in which case insurance is often already included in your maintenance fee).