closing costs

[Jackw]

My wife and I are months from buying a resale MH in Lakeland, FL area. This will be a cash purchase. What can I expect for closing costs, taxes etc at closing. Purchase price will probably be around 70K

[rmurray]

Someone will have to pay sales tax on the home..Florida the rate is 7% of the purchase price...Call the local tax collector about the process..There will also be a small title transfer fee...You can go to the title office and have a title search done which would disclose any lien holders the seller might have on the home..Also if there are any back taxes..they will have to be paid before the title can be transferred...

You may want to invest in a home inspector and/or an attorney to handle a purchase contract..These costs are very low in relation to the cash you want to invest....Go for it...

[admin]

If you are buying the existing home with the land under it then there is no sales tax in Florida as the home should be considered part of the real-estate transaction. In most states lawyers are used to insure title and accuracy.

Here in Florida when land is included we usually use a Land Title Company. Generally for less then attorney fees they will research the title of the land and home and issue title insurance that assure you that no one other than the seller has a conflicting claim to the land or home.

Additionally the title company will perfect all the documentation to record the sale with the county clerk (deed registry) and handle the transfer of the homes title through the state DMV, and either collect and pay the sales tax or document the sale as tax exempt by insuring there is a REAL PROPERTY registration for the home.

[angel]

What if it is on leased land in Florida? How is the sales tax computed? Can items be deducted on a bill of sale?

[angel]

Why can a bill of sale not be used to avoid tax on things like furniture, and add on's? What is the difference if buying thru a Broker or By owner on leased land in Florida?