FLORIDA LIVING AND COASTAL LIFESTYLE

FREQUENTLY ASKED QUESTIONS

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• What are typical Florida closing costs?  

Buyers generally pay (2%) to (4%) of the purchase price, while sellers pay (6%) to (10%). More details about closing costs and key items can be found right here, just click on the desired calculator to get a close estimate. For those of you wishing to obtain a mortgage, we also have a mortgage calculator available to you. 

                     

Buyer Cost Sheet Calculator   or   Seller Net Sheet Calculator   or   Mortgage Payment Calculator

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• Is hurricane insurance required?

Lenders require standard homeowners insurance, which in Florida may exclude wind damage. If you have a mortgage, you will likely need a separate windstorm policy. Check the Florida Office of Insurance Regulation for up-to-date market resources.

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• Do I need a flood zone disclosure? 

Yes. In Florida, sellers must disclose if a property is in a high-risk flood zone. We will assist you with determining if the property you want to buy is in a flood zone. The FEMA Flood Map Service Center can also verify property-specific risks. 

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• How does the homestead exemption work?  ​

Florida's "Save Our Homes" amendment caps annual assessment increases at (3%) or the percentage change in the Consumer Price Index, whichever is lower. Homeowners can apply through the Sarasota County Property Appraiser office.

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• Are HOA and CDD fees common?

Yes. Many Florida communities are governed by HOAs. Additionally, some newer neighborhoods have Community Development District (CDD) fees, which fund infrastructure bonds. We can advise you on how to check the exact fees associated with a specific address you may be interested in buying. 

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