If you had to Google the answer to this then you need to work with someone who knows these things. Call me, Chris Ryder, at 561.818.3858.
This just changed. Historically, the party that chooses the Closing Agent pays their fee. Thus, the Closing Agent was paid by the party that chose to use them which was a check box on the Contract. In a cash sale where the Seller chose and the Seller paid the Buyer would NOT pay a Closing Fee. BUT in a sale with financing and where the Seller chose the Closing Agent and paid the fee to close THE SALE, the Buyer would still pay a fee to the Closig Agent, justified by them, as required to close the loan. It was a fight. But now the Closing Cost section SPECIFICALLY states includes the Seller’s (Buyer’s) Clossing Services as a fee ascribed to the respective party.
And it now included a definition of: “Closing Services” shall have the meaning ascribed to that term in Section 627.7711(1)(a), F.S.; each party shall bear their own Closing Services fees payable to Closing Agent or such other provider(s) as each party may select.
And it looks to me like the FS refferenced is to close the sale BUT not the loan. Look out the Closing Agent could charge a fee to the Buyer and the Seller to close the transaction and a fee to the Buer to close the loan, assuming they are using one.
The FS referenced reads: “(1)(a) “Closing services” means services performed by a licensed title insurer, title insurance agent or agency, or attorney agent in the agent’s or agency’s capacity as such, including, but not limited to, preparing documents necessary to close the transaction, conducting the closing, or handling the disbursing of funds related to the closing in a real estate closing transaction in which a title insurance commitment or policy is to be issued.”
