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Originally Posted by TomW
When we close on a home here in Indiana, we get a document called a "Good Faith Estimate" of closing costs and charges that we will be paying at closing. Everyone understands that the estimated amount may vary a little but generally there are no big surprises. In the last 35 years we have bought 7 new homes and were furnished with this type document prior to every closing. Does Florida have something similar to the good faith estimate? Some of the posts here would lead one to think that there will be several unpleasant surprises at closing.
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Yes, it's the same in Florida. Matter of fact the requirement for those "Good Faith Disclosures" is codified in HUD regulations, more specifically the Real Estate Settlement Procedures Act (RESPA). However, when you get to the closing table the environment and the papers are no longer "estimates". And the variances between estimated and real can indeed be significant. And at that point, you sign and press on because of that environment.
Many of the disclosures are loan related, and those tend to be pretty accurate. But there are also some that depend on Broker or Owner, Lawyer or Title company to disclose. These get a bit fuzzy sometimes. Therein lies most of the variances.
Hopefully all will go well for you. And you can help make sure that happens by asking questions, and making sure all is explained to your satisfaction (in writing) well in advance.
That's my take after 18+ years as a RE Broker in Florida.
