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COST OF BUYING, HOLDING AND SELLING NAPLES REAL ESTATE
Posted by V.K. [Mel] Melhado P.A. on Tuesday, April 14th, 2009 at 1:57pm.
Often we are asked about the different costs related to buying, holding and selling real estate in the greater Naples area. The costs associated with purchasing property will vary within each county in the State of Florida. For example, the cost of purchasing property in the Naples area (Collier County) will be different than purchasing in Bonita Springs, Estero Ft. Myers (Lee County).
The largest single expense for buying a home in the Naples area is title insurance.
Paying the cost of title insurance becomes the responsibility of the buyer and will insure the buyer against loss, if it is subsequently discovered that there was a defect in the title. If the buyer is getting a mortgage, the lender will require the buyer to purchase title insurance. If the buyer is paying cash, it will be up to them, although in most cases buyers do not take the risk of closing without it.
We have created a handy link for people interested in property here in the Naples area that shows the different costs. Get the link HERE.
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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Share3 Responses to "COST OF BUYING, HOLDING AND SELLING NAPLES REAL ESTATE"
Interesting coverage on title insurance and its prominence in the costs of buying Naples real estate. This is a major component here. More recently, we have seen HOA-related costs become the number three adder on the HUD1 as the transfer fees have doubled in the past 2-3 years.
David Lorti
Chandler Real Estate
Posted on Friday, May 1st, 2009 at 12:21 PM.
interesting insight on title insurance being the major component in HUD1 costs when buying a Naples home. This is the case here. However, in the last 2-3 years, we have seen HOA fees double and represent the third largest cost (which sellers definitely don't understand) on the HUD1. Sellers correctly pick off that there isn't any additional value here from the HOA given the increase in fees.
David Lorti
Posted on Friday, May 1st, 2009 at 12:23 PM.
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Title insurance at first seems to an extra expense that one wants to avoid. However, considering how much one spends on a house, it is a small price to pay for making sure all is well. We paid for title insurance on our first townhouse and it paid for itself twice over. It turned out the people who did the title search missed the fact that the previous owner owed $2500 in real estate taxes. The title insurance paid for this for us. I had never associated this type of insurance with taxes (this was in Virginia) but it did apply.
Posted on Thursday, April 23rd, 2009 at 12:18 PM.