Section 14: Closing Real Estate Transactions in Florida Flashcards
What are the authorized brokerage relationships in Florida?
- Transaction Broker
- Single Agent
- No brokerage relationship
Which party of a closing is responsible for ordering the mortgage payoff to ensure the release and satisfaction of the seller’s mortgage liens?
The closing agent
What’s the term for a charge that either party has to pay at closing?
Debit
At closing, who has to sign the deed?
The seller must sign the deed. After closing is complete, the closing agent must record the deed in the county official records, which provides evidence that the seller has delivered the title transfer and the buyer has accepted it.
Debits vs. Credits on the closing statement
A debit is a charge that a party has to pay.
a credit is an amount in the party’s favor
How much is the mortgage documentary stamp tax rate in FL?
$0.35 per $100 of the loan amount.
What is the cost of the intangible tax on the promissory note in a FL closing and who is responsible for paying it?
The tax is $0.002 (2 mills) per $1 of indebtedness and the buyer pays it.
What is the cost for recording the deed?
$10 for the first page and $8.50 for each additional page.
How long are Florida condominium owners association estoppel certificates valid if they’re delivered by mail?
HOA/COA estoppel certificates, when delivered electronically, are valid for 30 days. If delivered by mail, they’re valid for 35 days.
What is the maximum fee a Florida homeowners association may charge to prepare an estoppel?
$250
Doc Stamp Deed Tax calculation
Divide purchase price by 100 (round up if needed)
Multiply by $0.70
Doc stamp tax on notes calculation
Loan amount divided by 100 (round up)
Multiply by $0.35
Intangible tax on new mortgage calculation
Mortgage amount * $0.002
