(SEB) Knowing Your Numbers: Understanding Closing Statements, Closing Costs and How to Prepare a Net
November 30 @ 1:00 pm - 3:00 pm
$15.00Instructor: Melinda Grimaldi, Esq.
Early payment membership dues credits can be applied to this class if dues were paid in full prior to June 14, 2023.
This course is approved for 2 HRS of Continuing Education. Florida rules require that we monitor attendance and we can not issue credit for less than the number of approved hours. In order to receive credit for your course, please arrive on time and stay for the entire class. Sign-in and Sign-out is required for this class to receive full credit.
Closing costs vary based on property type, property location, how the boxes are checked in the contract, and who the party to the contract is. Do you know how to explain the costs to your buyers and sellers? Do you know how to prepare a net sheet with estimates? We will cover standard closing costs as well as prepare a net sheet with your using our closing cost calculator!
This class will make sure you can answer questions from your client and do so confidently!
The following topics will be covered:
1. Understanding various types of closing statements.
2. Comparing seller closing costs in standard contracts vs. As-Is contracts, as well as Identifying customary seller closing costs, such as real estate commissions, documentary stamps on the deed (not mortgage), estoppel fees, attorney/settlement fees, permit and repair expenses, fees to cure title, FIRPTA, payoff of seller’s mortgage, and additional items visible on a closing statement.
3. Distinguishing between buyer closing costs in As-Is contracts and standard contracts.
4. Understanding contract clauses that influence closing costs, such as whether the seller or buyer chooses and pays for specific expenses, the Miami-Dade and Broward county cost split, and considerations related to prorations and credits/debits. Discussing the role of the Condo Rider and the importance of a Certificate of Re-Occupancy.
5. Explaining how title insurance costs are calculated in a real estate transaction.
6. Demonstrating how to prepare a buyer or seller net sheet, including the use of a closing cost calculator.