What are the laws for Florida’s Mortgage Closing costs with the home seller paying half of the closing costs?
I agreed to pay ONLY half of my buyer’s closing costs. The home price is $ 285,000. Before I even got the good faith estimate in my hand I estimated my buyer’s closing costs to be 3% of $ 285,000 at least which comes to $ 8,550. I got their good faith estimate today and I see that the “estimated closing costs” are $ 10,246.50 and the “total funds needed to close” are $ 13,510.04. and a loan orgination fee of $ 2,850.00 and, administration fee of $ 585.00, Underwriting fee of $ 795.00, processing fee $ 495, and much more. This is more than I thought. I think the fees are probably a little to high. I know in the state of Florida there is a cap on what the Home seller pays in closing costs. How can I find these laws and to make sure that I am not paying for a whole bunch of Junk fees. This is my first time ever doing this and I just want to make sure that I am paying fairly, correctly and within the Florida laws. Any help, from Mortgage or Real estate professionals will be greatly appreciated.