Re: Closing on a new house when paying cash
Thanks to all for the comforting feedback. I guess the missing information that I was not aware of was that there would be a closing agent involved with the transaction. I imagined sitting at a table with someone from TV who would take our money that they were owed, but then when it came to the various fees owed to others that I would be left with figuring out how to get these things payed.
A related question that I have is the tax stamps that apparently are required. I believe that, unlike the case when buying a resale, when buying new this is the responsibility of the buyer, not the seller. When we received an estimate for what these charges would be when we had a consultation with Citizens First, these totaled (state plus county) approx. .45% of the sale price of the house (approx. .3% state and .15% county). Yet, when I research Florida law, it looks like just the state tax stamp should be .7%. Does anyone have any answer as to why the good faith estimate from the bank was considerably different than what I am reading that the state gets?
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