The Cherry Group is always gratified when friends in Coconut Grove call or ask for information, even when Sylvia Cherry or I aren't involved in the transaction. We are the Coconut Grove experts because after 20 years in the business, The Cherry Group usually has the answers. I was having lunch at Greenstreets the other day and someone asked, 'Aren't you Gary Hecht'? I said sure and asked him to join me. He told me he bought a condo at Yacht Harbor in Coconut Grove directly from an unrepresented condo owner and had a many questions, one of which was, "As a buyer what are my closing costs"? For him and for all of you, here they are:
1. Prepaid condo or home owner's association maintenance fees.
2 One year's homeowner's insurance often held in escrow by the lender.
3. Windstorm and or flood insurance most often held in escrow by the lender.
4. Home Inspection costs depending on size of home from $350.00 to $1,000.00.
5. Owner's Title Insurance issued by the Title Company. The insurance is a fixed price set by
the State based on purchase price. A million dollar home is about $2,500.00.
6. Recording fees for the deed; about $8.00 per page.
Please don't hesitate to call me, Gary Hecht, at 305.607.8360 or opposite this column, click onto our web site at CHERRYMIAMIHOMES.COM. We always happy to help.
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