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At Closing the Title Company will prepare a Settlement Statement outlining the cost for settling the real estate transaction. Some of the cost below will be on this form.
Broker Commissions: The Broker commission agreed upon when the listing agreement was executed will be on the Settlement Statement. I offer discounted total commissions as low as 4%. Please contact me at 239-910-1948 to learn more.
Unpaid Taxes/Liens: The Title Company will do a public lien search and let you know if you owe money to any municipalities. Property Taxes will be prorated from January 1st to your day of closing. You will pay the Buyer the tax owed up to closing and the Buyer will assume the balance owed aft the close date.
Special Assessments: Special assessments are installment payments owed for improvements like water, sewer, road or other local government improvements that were assessed to the property. In most cases they must be paid off at close or more often, they are assumed by the Buyer. It is wise to use a seasoned REALTOR who can determine if these fees can be assumed by the Buyer.
Title Company Fees: The title company will usually have a fee of $250-$500 depending on the complexity of the closing.
Current Mortgage Pay Off: Before the closing, you will sign a release for the Title Company to get the mortgage balance that will be owed on the day of closing. This will allow the Title Company to prepare the Settlement Statement accurately in regards to your mortgage.
Current Home Equity Lines of credit: As with the mortgage pay off, you will have to authorize the closing company to get this information. If there is any amounts owed, they also will be paid off at closing.
Possible Mortgage Prepayment Penalty: You should check on your Mortgage and Note to see if the lender will impose a pre-payment penalty if the loan is paid off early.
Other fees may also be incurred if the property being sold is a condo or located inside a gated community. The condo and HOA fees are usually prorated at close by the Title Company.
The Florida Homestead Exemption is a constitutional benefit of up to a $50,000 exemption removed from the assessed value of your owner occupied property. It is granted to those applicants who possess title to real property and are bona fide Florida residents living in the dwelling and making it their permanent home on January 1. Documentation that proves you were a resident at the homestead property is required. You may not rent your home and qualify for the exemption. There are other exemptions for seniors, widow/widower’s, disabled persons and veterans.
Charlotte County Homestead And Other Exemption Information
Collier County Homestead And Other Exemption Information
Lee County Homestead And Other Exemption Information
Sarasota County Homestead And Other Exemption Information
An important exception to the capital gains tax can be had when you are selling your home. You can exclude $250,000 of your profit from the sale of your home if you are single and $500,000 of the profit if you’re filing taxes jointly as a married couple. However, you do have to meet specific requirements to claim this exclusion:
The home must be your primary residence.
You must have owned the home for at least two years.
You must have lived in the home for at least two of the past five years.
Check out this link for the full information.
Lee County Building Permits
Lee County Code of Ordinances
Lee County Code Enforcement
Lee County Government
Lee County Community Development
Lee County Homestead and Other Exemption Information “Save Our Homes”
Florida Homestead Exemption Application PDF Downloads
Florida Power and Light (FPL)
Lee County Property and Appraisal Codes
Lee County E-Connect – Permits and Elevation Certificates
Lee County Electric Cooperative (LCEC)
Lee County FIRM (Flood Insurance Rate Map) Information
Lee County Flood Map Information
Lee County Geographic Information system (GIS)
Lee County Future Land Use
Lee County Property Line
Lee County Public School System
Lee County Sheriff Department
Lee County Storm Surge Zone Map
Lee County Tax Collector – Pay Taxes Online
Lee County Utilities
ZIP Code Map
Websites of U.S. Embassies, Consulates, and Diplomatic Missions
Consular Services for Canadian Citizens
Foreign Visitors Driving in the U.S.
FIRPTA – Foreign Investment in Real Property Tax Act Withholding Information
FIRPTA – Foreign Investment in Real Property Tax Act (Pamphlet)
Individual Taxpayer Identification Number (ITIN) Information
IRS Form 8288B – Foreign persons use this form to apply for a withholding certificate to reduce or eliminate withholding on dispositions of U.S. real property interests.
Immigrants to the U.S.
United States Citizenship and Immigration Service – Official U.S. government site. Download Forms FREE. Learn how to file. Get information on citizenship, green cards, work visas, E-Verify and more.
Currency Exchange Rates
United States Dollar (USD) in Austrailian Dollar (AUS)
United States Dollar (USD) in Canadian Dollar (CAD)
United States Dollar (USD) in Euro (EUR)
United States Dollar (USD) in British Pound (GBP)
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Englewood Chamber of Commerce
Englewood Isles Home Owners Association (HOA)
Englewood Water District
Overbrook Gardens Home Owners Association (HOA)
Rotonda Heights Association Home Page
Rotonda West Association Home Page
Property Owners of Gulf Cove, Inc. (POGC.)
South Gulf Cove Homeowners Association, Inc.
The Federal Pacific Electric Company (FPE) was one of the most common manufacturers of circuit breaker
panels boxes in North America from the 1950’s to the 1980’s. Millions of their panels were installed in homes across the country. Over time, electricians and home inspectors found Federal Pacific Electric panels sometimes failed to provide proper protection to homeowners. Experts say that certain panels could appear to work fine for years, but after one overcurrent or short circuit, they could overheat and become fire hazards.
FPE Consumer Alert Brochure
2007 Report FPE Circuit Breaker Hazards
2011 Report FPE Circuit Breaker Hazards.pdf
FPE Panel Video 1
FPE Panel Video 2
FPE Panel Video 3
FPE Panel Video 4
FPE Panel Video 5
FPE Panel Video 6
The law creating the Florida Building Code was enacted by the Florida Legislature in 1998 and became effective on March 1, 2002. Here is a brief history of why the Florida Building Commission was created and explains why the motivations for the first state-wide building code. Hurricane Andrew, that devastated South Florida on August 24, 1992 caused extensive damage and tore apart homes of all ages in South Florida including newly constructed homes, This hurricane exposed more than the interiors of thousands of homes and businesses, the storm revealed a serious statewide problem in how homes were being constructed. Florida had an antiquated system of locally-administered building codes, building code compliance and enforcement of these codes. Thousands of the homes hit by the hurricane and other structures simply did not stand up to the storm as well as they should have, and the effects quickly rippled out from South Florida to the rest of the state. Hurricane Andrew broke all records at that time for insurance losses, and was the direct cause of Florida’s worst insurance crisis in history. Insurance companies quickly realized that all of their worst-case predictions were grossly understated; Florida was seriously under insured and over exposed to these major catastrophic storms. In the storms aftermath, many insurance companies simply pulled out of Florida and those that stayed felt it necessary to raise premiums to high levels in order to avoid the very real threat of bankruptcy following another hurricane. This affected home owners in all of Florida as they saw their insurance rates rise drastically and found a lack of available new insurance threatening to pull the plug on development in every part of the state. This program made creating building codes and their administration and enforcement a statewide issue. The FBC have been amended over the years. The effective dates of later versions of the code are shown in the graphic above, and the latest version is the 2014 Florida Building Code (5th Edition), which went into effect on June 15, 2015; except that implementation of a few sections of the new code was delayed by the Legislature until June 15, 2016.
Flood maps, known officially as Flood Insurance Rate Maps (FIRMs), show areas of high and moderate to low flood risk. Communities use the maps to set minimum building requirements for coastal areas and floodplains, lenders use them to determine flood insurance requirements, and the Federal Emergency Management Agency (FEMA) uses them to help determine what you should pay for flood insurance.
Flood maps show areas of high, moderate, and low flood risk as a series of zones. High-risk zones, also known as Special Flood Hazard Areas (SFHAs), begin with the letters “A” or “V.” Moderate- to low-risk zones, known as Non-Special Flood Hazard Areas (NSFHAs), begin with the letters “X”, “B” or “C.” There are also areas where the flood hazard is undetermined, labeled as Zone D. Learn more about defining flood risks, the risks shown on coastal flood maps.
- Buyers may purchase flood insurance through an insurance agent, not directly from the National Flood Insurance Program (NFIP).
- Homes and businesses in high-risk flood areas with mortgages from federally regulated or insured lenders are required to have flood insurance. While flood insurance is not federally required if you live in a moderate- to low-risk flood area, your lender may still require you to have insurance.
- Rates do not differ from company to company or agent to agent. The rates depend on several factors, including the date and type of construction of your home, along with your area’s level of risk. Most premiums include a Federal Policy Fee, a fee to help defray any increased cost of compliance with higher standards after a flood, and a Homeowner Flood Insurance Affordability Act of 2014 Surcharge. If your community participates in the Community Rating System (CRS), you may qualify for an insurance premium discount. The discount is calculated based on the community’s efforts to reduce the risk of flooding. The higher the elevation above the base flood elevation, the lower the premium will be for the property.
- A property’s location on the NFIP flood map may determine whether a lender requires a flood policy.
- Buyers may purchase a flood policy, regardless of where their home is located, since flood damage can also occur in moderate and low-risk zones.
- The contents of a home are not typically covered by flood insurance. Speak to your insurance agent to make sure you have the coverage you want.
- In most cases, there is a 30-day waiting period from the date of purchase until a policy goes into effect. If you purchase flood insurance in connection with making, increasing, extending, or renewing your mortgage loan, there is no waiting period.
- In some instances, a Buyer will be able to assume the Seller’s flood insurance policy.
- You must pay for the full year’s premium. The NFIP accepts check and credit card payments (American Express, Discover, MasterCard, or Visa).
Welcome to the
Waterfront Wonderland Blog
At Closing the Title Company will prepare a Settlement Statement outlining the cost for settling the real estate transaction. Some of the cost below will be on this form. Broker Commissions: The Broker commission agreed upon when the listing agreement was...read more
The Florida Homestead Exemption is a constitutional benefit of up to a $50,000 exemption removed from the assessed value of your owner occupied property. It is granted to those applicants who possess title to real property and are bona fide Florida residents living in...read more
An important exception to the capital gains tax can be had when you are selling your home. You can exclude $250,000 of your profit from the sale of your home if you are single and $500,000 of the profit if you’re filing taxes jointly as a married couple. However, you...read more
Lee County Building Permits Lee County Code of Ordinances Lee County Code Enforcement Lee County Government Lee County Community Development Lee County Homestead and Other Exemption Information "Save Our Homes" Florida Homestead Exemption Application PDF Downloads...read more
Websites of U.S. Embassies, Consulates, and Diplomatic Missions Consular Services for Canadian Citizens Foreign Visitors Driving in the U.S. FIRPTA - Foreign Investment in Real Property Tax Act Withholding Information FIRPTA - Foreign Investment in Real Property Tax...read more
Englewood Chamber of Commerce Englewood Isles Home Owners Association (HOA) Englewood Water District Overbrook Gardens Home Owners Association (HOA) Rotonda Heights Association Home Page Rotonda West Association Home Page Property Owners of Gulf Cove, Inc. (POGC.)...read more