CLOSING COSTS IN VENICE

Owner's Title Insurance:  This varies based on sales price of the property.  The rate is cumulative up to the purchase price of the home:

 

• Up to $100,000: $5.75 per $1000 of purchase price;

• $100,000 to $1 million:  $5.25 per $1000 of purchase price;

• Over $1 million to $5 million: $5.075 per $1000 of purchase price;

• Over $5 million to $10 million:  $2.25 per $1000 of purchase price;

• Over $10 million:  $2.00 per $1000 of purchase price.

 

Doc Stamps on Mortgage (or Note): This is a state tax that is calculated on the loaned amount of your purchase, at a rate of 35 cents per $100 of mortgage amount.

 

Intangible Tax on Mortgage (or Note): This is another state tax which is paid at closing, at a rate of 20 cents per $100 of mortgage amount.  Cash buyers do not pay intangible tax.    

 

Mortgage costs such as origination fees will appear on your settlement statement as a buyer's cost to be paid at closing.  There may also be additional fees, such as doc prep ($75-$150), recording fees ($25-$50), and title search fees ($200-$300).

 

Buyers will receive a credit on the settlement statement for the seller's portion of the annual property taxes, if the closing occurs before November 1.  The buyer is responsible for paying the full tax bill for the current calendar year.The items in the "other costs" box to the right are typical buyer's costs, usually paid outside of closing.  Not all of the inspections listed may be necessary depending on the individual property.