Understand Closing Costs

Dated: December 29 2023

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Understand Closing Costs


Seller Closing Costs


The typical closing costs for the seller in Volusia County are the title insurance, closing fee, and doc stamps on the deed.  These fees are normally collected at closing and deducted from the seller proceeds. 

In addition to the closing fees the seller will typically have to credit the buyer for the prorated portion of the property taxes owed at the end of the year. For sellers with a mortgage often the property taxes and insurance are collected and held in escrow by the lender. If this is the case the seller receives a credit after closing for the funds being held in escrow.   

  • Brokerage Fee (if applicable)
  • Owner's Title Insurance Commitment (.5 - .8%)
  • State Documentary Stamps on Deed/Transfer (less than .7%)
  • Closing Fee (less than $600)
  • Other Misc Costs (depends on sale)

Sellers Cost Range is between 1.5% and 7.5%.

Buyers Closing Costs


If the buyer is purchasing the property with cash, the buyer’s closing costs will be minimal, in most cases just a few hundred dollars.  However when using a lender the lender will require the buyer to pay certain closing costs.  

Typically the buyers closing costs, when financing, will be between 3% and 5% of the total purchase price.  Most of the lenders fees will be paid at closing however application fees, appraisals and inspection fees will be paid outside closing. 

  • Lender Application Fee 
  • Lender Underwriting Fee
  • Lender Processing Fee
  • Appraisal Fee 
  • Other Lender Fees
  • Title Insurance with a Lender’s endorsement
  • Closing Fee
  • Tangible Tax on the Mortgage 
  • Escrows 
    • 1st year Homeowners Insurance Policy 
    • 1st years estimated property taxes 
  • Other Fees Not Required By Lender 
    • Home Inspection 
    • WDO Inspection 
    • Home Warranty 

Estimated Buyer Closing Costs


The majority of the closing costs will be dictated by the lender.  Lenders are required to provide an estimated buyer closing costs within a few days of the buyer making an application.  It is alway best to know this amount before writing an offer and verifying the buyer knows what is expected of them at closing.

For a link to a closing cost calculator, click here.

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