Real Estate Buyer and Seller Representation
Seller representation: If you are selling a property and enter a brokerage agreement with a Realtor®, that Realtor® and their firm become your representative during that specific transaction. They are legally obligated to represent you and your financial interests as a seller.
Buyer representation: If you are buying a property and enter a brokerage agreement with a Realtor®, that Realtor® and their firm become your representative during that specific transaction. They are legally obligated to represent you and your financial interests as a buyer.
Learn The Truth About Real Estate Buyer Representation
Upon closing of the sale of real property, there will be individual buyers closing costs. The typical costs which may be incurred are listed below. Please keep in mind that these expenses are not all-inclusive. The expenses shown below are listed as they would be traditionally for either the buyer or the Seller but they can be the responsibility of either or both.
Learn The Truth About Real Estate Seller Representation
Upon closing of the sale of real property, there will be individual closing costs for the sellers. The typical costs which may be incurred are listed below. Please keep in maid that these expenses are not all-inclusive. Fees shown are listed as traditionally for either the buyer or the Seller, but they can be the responsibility of either or both.
Expense Of Buyer:
- Recording Deed
- Survey
- Termite Inspection
- Insurance Policy
- Flood Insurance
- Processing Fee
- Prorating of real property taxes
- Prorating of maintenance fees
- Mold Inspection
- Well Test 1 Sulfur 1 Sodium
- Compliance Fee $__________
Additional expenses of the buyer if a mortgage is obtained:
- Mortgage title insurance policy
- Assumption fee on existing
- Service fee or origination fee on a new mortgage
- Intangible tax .002 on a new mortgage
- Documentary stamps on the note
- Recording mortgage
- (.35 per $100 on mortgage)
- Credit report
- Lender’s attorney fees
- An escrow account (taxes and insurance)
- Appraisal fee
Escrow Deposit Checks:
- Escrow deposit checks must be deposited immediately upon receipt. In the event a refund becomes necessary, the funds will be returned when the check clears the bank. Make escrow checks out
Utilities
The city of Marco Island has undertaken an extensive expansion program of water and sewer improvements in many city areas. Collier County has also begun an expansion program in certain parts of unincorporated Collier County, such as Naples. The property you contracted to purchase may or may not be in the area currently planned for water and/ or sewer expansion service. As water and/ or sewer service become available, individual property owners will be assessed at that time. Please contact the clerk’s office for the City of Marco Island or the clerk’s office for Collier County for information regarding water and/ or sewer availability and existing or pending assessments. Homes on well water may contain hydrogen sulfide or lead and should be tested.
Zoning
Due to several zoning changes in the county and the Marco Island Comprehensive Plan’s implementation, it is the purchaser’s responsibility to make sure existing zoning and other pertinent regulations allow for the buyers’ intended use of the property.
Vacant Land
Buyers are to ascertain from all Governmental agencies that the land is suitable for the intended purpose and requirements thereto. Burrowing Owls, Gopher Tortoise, and Bald Eagle nests can limit and/ or restrict construction on your property. It is the buyer’s responsibility to inspect the property and abide by city, state, and federal guidelines.
School District
School districts are not guaranteed. Contact the (239) 377-0001
Septic Tank Abandonment
The buyer acknowledges that pursuant to rule 1 OD-06.053 (Florida Administrative Code), whenever the use of an onsite sewage disposal system is discontinued following connection to a sanitary sewer, the system shall be abandoned within 30 days and any further use of the system shall be prohibited. Contact the local governmental utilities department for further regulations.
Radon Gas
- Radon gas is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to person(s) who are exposed to it over time. Levels of radon gas that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon gas and radon testing may be obtained from your county public health unit.
Homestead Exemption
The home you are interested in purchasing may be homesteaded. Homesteading a home caps the tax assessments on the home during ownership. A change in ownership or title on the property may change the tax basis on the property. MLS records do not necessarily reflect current tax assessments.
Expense Of Sellers:
- Owners title insurance policy
- Preparation of deed
- State documentary stamps on the deed
- (.70 on each $100)
- Real Estate Marketing Fee
- Prorating of real property taxes
- Prorating of maintenance fees
- Existing mortgage balance
- Termite damage treatment
- Structural home 1 systems repairs
- Compliance Fee $____________
Additional Expenses Of Buyer If A Mortgage Is Obtained:
- Mortgage title insurance policy
- Assumption fee on existing
- Service fee or origination fee on new mortgage
- Intangible tax .002 on new mortgage
- Documentary stamps on note
- Recording mortgage
- (.35 per $100 on mortgage)
- Credit report
- Lender’s attorney fees
- Escrow account (taxes and insurance)
- Appraisal fee
Escrow Deposit Checks:
- Escrow deposit checks must be deposited immediately upon receipt. In the event a refund becomes necessary, the funds will be returned when the check clears the bank. Make escrow checks out
Utilities
The city of Marco Island has undertaken an extensive expansion program of water and sewer improvements in many areas of the city. Collier County has also begun an expansion program in certain parts of unincorporated Collier County such as Naples. The property, which you contracted to purchase, may or may not be in the area currently planned for water and/ or sewer expansion service. As water and/ or sewer service become available, individual property owners will be assessed at that time. Please contact the clerk’s office for the City of Marco Island or the clerk’s office for Collier County for information regarding water and/ or sewer availability and existing or pending assessments. Homes on well water may contain hydrogen sulfide or lead and should be tested.
Zoning
Due to several zoning changes in the county and the implementation of the Marco Island Comprehensive Plan, it is the purchaser’s responsibility to make sure existing zoning and other pertinent regulations allow for the buyers intended use of the property.
Vacant Land
Buyers are to ascertain from all Governmental agencies that the land is suitable for the intended purpose and requirements thereto. Burrowing Owls, Gopher Tortoise, and Bald Eagle nests can limit and/ or restrict construction on your property. It is the buyer’s responsibility to inspect the property and abide by city, state, and federal guidelines.
School District
School districts are not guaranteed. Contact the Collier County School Board (239) 377-0001
Septic Tank Abandonment
The buyer acknowledges that pursuant to rule 1 OD-06.053 (Florida Administrative Code), whenever the use of an onsite sewage disposal system is discontinued following connection to a sanitary sewer, the system shall be abandoned within 30 days and any further use of the system shall be prohibited. Contact the local governmental utilities department for further regulations.
Radon Gas
- Radon gas is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to person(s) who are exposed to it over time. Levels of radon gas that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon gas and radon testing may be obtained from your county public health unit.
Homestead Exemption
The home you are interested in purchasing may be homesteaded. Homesteading a home caps the tax assessments on the home during ownership. A change in ownership or title on the property may change the tax basis on the property. MLS records do not necessarily reflect current tax assessments.