Closing Costs for Waterfront Homes & Lots: Punta Gorda Isles and Burnt Store Isles
Anyone considering purchasing a waterfront home in Punta Gorda wants to have an idea of what the closing costs will be before they make a purchase. Generally speaking throughout the U.S., closing costs vary greatly from state to state and within the state. This is also true in Florida.
HOME PURCHASE
For someone buying a home here are some of the basic fees to be anticipated:
- Any costs associated with a mortgage
- Deed filing fee
- Partial real estate commission or transaction fee
- Pro-rated amount of the PGI Canal Maintenance Fee (from tax bill)
For comparison take a look at the sellers costs in a home sale:
- State Doc Stamps, this is really a tax at $7 per $1000 of home selling price
- Pro-rated property taxes to be paid to seller for time of home ownership. This is based on last years taxes and taxes are paid in arrears. The buyer will receive a tax bill on November 1 and will be responsible for the entire bill, of which part was paid at closing by the home seller.
- Real estate commission for listing agent and all/partial for buyers agent
- Recording fees
- Title insurance, normally paid by seller but not always (this protects the buyer)
- Examination of deed and customary closing costs
LOT PURCHASE
There are some minor differences in the closing costs for a lot purchaser. The fees stated above all apply however here are some other fees that the BUYER can anticipate:
- Water Impact Fee. This fee is paid by buyer to reimburse seller and should be considered a credit from buyer to seller. This fee was previously paid and is held by the City of Punta Gorda for credit at time of building. It is a nominal amount, generally under $1000.
Lot Mowing Fee. A pro-rated amount will be credited from buyer to seller. This is only $115 for the year
