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Old 12th June 2008, 01:53 PM
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Stamp duty -- doesn't exist!
@@@Not in the UK sense but you have county/city tax stamps

Solicitor's fees -- using a lawyer is unusual in many (but not all) states.
@@@When did you buy your last house? Closing on a house involves buyer, seller, real estate agents, closing agent or attorney.[/b]


In FL, it is common that two realtors do the deal: one for the buyer and one for the seller. The seller's realtor pays the buyer's realtor (~3%), so as a first time buyer you're free of this. Of course, when you come to sell, you pay for it twice. Avoid deals where the seller and buyer's realtor are the same person -- it's asking for trouble.
@@@Should your agent be buyers' and sellers' agent he will go over a number of disclosures with you and a binding contract of all three parties will be signed.

Land registry fees -- this is the County Recorder. Fees are in the order of a 20 or 30 bucks.
@@@Registration fees vary from county to county.

However, the title searches, insuring the title, running the escrow account, etc (sort of "man in the middle") are the Title Company. Fees here are in the high hundreds plus the cost of any title insurance. Who pays this is divided up in the contract -- it's negotiable.
@@@You do not have to have title search/insurance. Personally - I would highly recommend it as it traces ownership and liens on the property.

There are many fees (some hidden, some not!) in any loan you might take.
@@@Federal law requires your lender to present you with a Good Faith Estimate (1974 RESPA). In your case closing agent/attorney. You will need a survey, appraisal, termite check or bond, inspection, prorated taxes, insurance ...

In today's buyer's market, you could conceivably pay no fees at all.

Note that you have a greater penalty on selling your property than that of a US citizen, and you will also pay more in property taxes in Florida.
@@@What do you mean by penalty for selling? Yes, homestead excemption does not apply for tax purposes.

A bit boring but it will give you an idea on how things work.
HUD / FHA - Office of Housing - Federal Housing Administration

This is a commercial site but explains things fairly well.
Real Estate in Florida Â*Your Closing Checklist
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