Closing Costs for a Cash Buyer in Gainesville

Here is a quick run down of what the closings costs are for a cash buyer on a home or condo in Gainesville Florida.

First, I would like to stress that you cannot bring “cash” to a closing.

Most closing agents require a cashier’s check or bank check drawn on a Florida bank.  Most closing agents will NOT accept “personal checks”.  And, please don’t bring a suitcase full of green backs 🙂   You also have the option to “wire” the funds to the closing agent also.   Wiring instructions can be provided at your request.

If you are NOT getting a mortgage for your home purchase, then your closings costs are MINIMAL.

1. The buyer must pay to RECORD the DEED with the Alachua County Clerk of the Court.   The fee should not be more than $ 20, but it is based on the number of pages to be recorded in public records.

2. The buyer “MAY” have to pay a clerical fee imposed by the Homeowner Association or the Condominium Association to change the ownership of the home in the association’s records.  Some associations charge a fee, and I have seen some as high as $ 150.00.  This amount is part of the deed restrictions, covenants, or condominium documents.

3. Alachua County Property Taxes – Depending on the date of the closing, the closing agent will use a projection of the current years’ taxes and the seller is responsible for the taxes from January 1st to the day of closing.   The taxes are due November 1st.   If a closing takes place prior to that date, then the closing agent will give the BUYER a credit for the seller’s portion of taxes.   When the tax bills are mailed in November, the BUYER is responsible for the entire year’s tax amount.

4. Title Insurance – The standard procedure for Owner’s Title Insurance is the sellers expense in Alachua County.   The cost of title insurance is a seller expense.  Your purchase and sale agreement will specify this information when you make an offer on a property.

The only other costs to a cash buyer on real estate in Alachua County would be for services provided at the BUYERS choice and normally include:  Home Inspections, Survey, and an Appraisal.   Those costs would occur prior to closing, and be the buyers expense.

If you have questions about purchasing real estate in Gainesville, Florida – just let me know and I will help!