Seller Financing

Buyer:

When you purchase property in Charlotte, Sarasota, Lee or Collier County, Florida, it is customary for the Seller to pay for a title search of the property and for title insurance for the Buyer.  The title search confirms that the Seller has good title the property without any liens or encumbrances not specifically listed and disclosed to the Buyer, and the title insurance protects your title to the property when it is issued at closing. It is typical for the Buyer to pay for recording of the deed and for the costs associated with Buyer’s financing.   As with all closings handled by THE BIG W LAW FIRM, the title search, title insurance and all documentation is provided by attorneys experienced in real property law, and holding AV ratings by Martindale Hubbell.  These are the typical closing costs a Buyer can expect in a typical closing involving seller financing:

 

  1. Recording of Deed to Clerk of the Court:  $14.50 for a one page deed.
  2. Preparation of standard Note and Mortgage:  $300.00
  3. Intangible Taxes payable to the State of FL:  $2 per every thousand dollars of the loan amount.
  4. Documentary Stamp Taxes payable to the State of FL:  $3.50 per every thousand dollars of the loan amount.
  5. Recording of Mortgage to Clerk of the Court:  $48.50 for a 5 page mortgage.

 

Seller:

When you sell property in Charlotte, Sarasota, Lee or Collier County, Florida, it is customary for the Seller to pay for a title search of the property and for title insurance to insure the Buyer’s purchase.  The title search confirms that the Seller has good title the property without any liens or encumbrances not specifically listed and disclosed to the Buyer, and the title insurance protects the Buyer’s title to the property when it is issued at closing.  Buyers expect this as part of their closing package.  It is typical for the Buyer to pay for recording of the deed and for the costs associated with Buyer’s financing.   As with all closings handled by THE BIG W LAW FIRM, the title search, title insurance and all documentation is provided by attorneys experienced in real property law, and issued AV ratings by Martindale Hubbell.  That includes the Note and Mortgage used to secure any seller financing provided as part of a transaction.  These are documents that THE BIG W LAW FIRM has perfected through litigation over the course of its tenure in Florida.  These are the typical closing costs a Seller can expect in an average closing involving seller financing:

  1. Closing Services Fee:  $150.00
  2. Title Search:  $90.00 for a single lot
  3. Open Permit and Unrecorded Lien Search (only required if the property contains improvements):  $200.00
  4. Title Insurance:  lowest promulgated rate permitted by the State of Florida Department of Insurance
  5. Documentary Stamp Taxes to the State of Florida:  $7.00 per every thousand dollars of the purchase price

 

Attorney Profile

Mr. Wideikis (Partner) received his Juris Doctor degree from the University Of Iowa School Of Law in Iowa City, Iowa in 2001. At the time Mr. Wideikis attended this law school it was ranked as the 17th best law school in the United States. He received his Bachelor of Arts degree in political science with Honors from North Central College in Naperville, Illinois in 1998. At North Central College, Mr. Wideikis was named to the College Conference of Illinois and Wisconsin All-Conference Baseball Team as both a shortstop and designated hitter, and served as captain of the 1998 baseball team that finished ninth in the country. He also represented the United States on Team Chicago, USA which won the World Baseball Championship Tournament held in Amsterdam in 1994.

As a third year law student, Mr. Wideikis was employed as an intern at the Cook County Illinois State Attorney’s Office in its homicide division. Subsequently, he received his license to practice law in the State of Illinois where he served as an associate at Kubiesa, Spiroff, Gosselar, Acker & Kern, P.C. practicing in the areas of local government representation and defense, land use and planning, real property transactions, business law, family law and general civil litigation.

Mr. Wideikis practiced law in Illinois for three years before becoming licensed to practice law in Florida where he relocated in January of 2004. Mr. Wideikis has been a partner of Berntsson, Ittersagen, Gunderson & Wideikis, LLP since 2008.
In 2010, and most recently in 2015 and 2016, Mr. Wideikis was selected as a Florida Super Lawyer’s Rising Star, a designation reserved for only five (5) percent of practicing attorneys in the state. Mr. Wideikis was recognized in the area of Real Property Law. This area of law Mr. Wideikis concentrates in involves every type of residential lot and home sale together with the most complex of commercial real estate and business transactions. Mr. Wideikis is widely acknowledged as the local attorney to work with on such matters as marina, hotel, restaurant, subdivision, strip center, airport, and franchise transactions, etc. During The Great Recession Mr. Wideikis made a name for himself pioneering a creative local short sale assistance program with modestly priced legal fees befitting of the extraordinary economic circumstances facing the State of Florida. He negotiated and closed short sales for individuals throughout the state, and had the unique opportunity to assist sellers with short sales, while continuing his representation of local lenders in loan workouts, foreclosures, and commercial loan documentation.


Education:
 North Central College (B.A., cum laude, 1998); University of Iowa College of Law (J.D., 2001). Phi Delta Phi. Admitted to bar, 2001, Illinois and U.S. District Court, Northern District of Illinois; 2003, Florida, and U.S. District Court, Middle District of Florida


Member:
 The Florida State Bar (Member, Real Property, Probate and Trust Law Sections); Illinois State Bar; and American Bar Associations.


Practice Areas:
 Title Insurance; Residential and Complex Commercial Real Property Closings; Bank Representation; Lender and Bank Closings; Commercial Transactions; Asset Protection; Developer representation; Condominium and Association creation and representation; Corporate and Limited Liability Company Formation and Representation; Purchase and Sale of Business or Company; Mortgage Foreclosures; Short Sales; Loan Workouts; and Loan Modifications.

John L. Wideikis, Esquire
THE BIG W LAW FIRM
Berntsson, Ittersagen, Gunderson & Wideikis, LLP
18401 Murdock Circle, Suite C
Port Charlotte, Florida 33948-1088
Telephone:  (941) 627-1000
Facsimile:  (941) 255-0684