What are the laws for Florida’s Mortgage Closing costs with the home seller paying half of the closing costs?

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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.

1 Comment
  1. Reply
    May 3, 2011 at 8:02 am

    The real estate agent ought to have easy access to the answers. In some states, splitting the taxes at settlement is usually par for the course. One can also shop around with different settlement companies rather than the one affiliated with the real estate agent.

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