Budget for Closing Costs ? Property Taxes, Legal F

You probably spent a good bit of time getting disciplined to save money for your home purchase. You need to carry this financial discipline through the escrow period or you could run into problems.

Budget for Closing Costs ? Property Taxes, Legal Fees and Such

When you decided it was time to purchase a home, you went through a number of steps to get your finances in order. You probably reviewed your credit report, cut down on credit card balances and reigned in your spending. A monthly budget was probably also an item you stuck to, probably with some aggravation. Once you have an offer for a home accepted, it is important that you keep budgeting for the closing costs associated with the purchase. Here are a couple of odd little fees that can show up and drive you nuts if you are not careful.

Being required to pay property taxes can be a nasty little surprise. After all, you do not even own the home yet! The requirement, however, comes because of the nature of how property taxes are paid. They are not paid every month, so the seller has prepaid the taxes beyond the period they will own the home. They will want that money back! You can negotiate this point as part of the purchase, but you need to be aware it is out there.

In some states, it is a legal requirement that you have a lawyer represent you in a real estate transaction. This requirement primarily exists in the East. Regardless, attorneys are expensive and you need to have money set aside to pay their fees. In truth, retaining a lawyer is a good idea since they tend to sniff out any questionable issues in the transaction. Fees can run you from a couple hundred bucks to thousands of dollars.

In addition to the above, there are a lot of small fees associated with closing. They can run from several hundred dollars paid to the escrow company to $20 or so for notary fees and so on. If you do not keep an eye out, they can add up quickly to a few thousand dollars.

Closing on a home can be aggravating with all the costs you have to pay. It will all be worth it when you walk into your new home the first time.



Posted by Tim Saaranen on December 13, 2008 at 12:00 AM

About Tim Saaranen
Tim Saaranen is affliated with Realty World, C. Bagans First, which is located in Lehigh Acres, FL. For further assistance please use the contact information located on the right.



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Local Information for Lehigh Acres, FL

Latitude: 26.608403 -- Longitude: -81.639224


ZIP Codes for Lehigh Acres, Florida 33936  33970  33971  33972 
Area Code for Lehigh Acres, Florida 239
Time zone for Lehigh Acres, Florida EST



Other Area Cities:   Fort Myers Villas, FL  North Fort Myers, FL  Lehigh Acres, FL  Fort Myers, FL 

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Lehigh Acres was the first post World War II Florida retirement community to be built, and now 40 years later it is still growing. Lehigh Acres got its start in the mid 1950s when Chicago businessman Lee Ratner needed a tax shelter. He had sold his pest control business, and he faced the possibility of losing most of his earnings to the high capital gains tax of that era. Ratner heard that cattle was a good investment for people in his predicament, and he bought 20,000 acres (80 km²) of land in eastern Lee County and named it the Lucky Lee Ranch. After ranching for a while, Ratner envisioned this as a new community. It is due to his foresight that Lehigh Acres has become the well balanced, thriving community it is today. -- Source: Wikipedia.com




Florida 2000 Census Population Profile Map

Lehigh Acres Florida United States
Population 33,430 15,982,378 281,421,906
Median age 38 38.7 35.3
Median age for Male 36.3 37.3 34
Median age for Female 39.7 40.1 36.5
Households 12,707 6,337,929 105,480,101
Household population 33,240 15,593,433 273,643,273
Average household size 2.62 2.46 2.59
Families 9,257 4,210,760 71,787,347
Average family size 3.03 2.98 3.14
Housing units 14,486 7,302,947 115,904,641
Occupied units 12,707 6,337,929 105,480,101
Vacant units 1,779 965,018 10,424,540

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Tim Saaranen - Realty World, C. Bagans First
Tim Saaranen
Realty World, C. Bagans First


30 Colorado Rd
Lehigh Acres, FL 33936

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FAX: 239-369-5847

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