Here is a rundown of typical sellers closing cost when selling a property in Florida. The title charges for closing fee and title search are usually very similar between title companies. The Title Insurance for the new buyer that seller pays is based on the sales price of the property as well as State Doc Stamps on the Deed. Real Estate Property Taxes are estimated and prorated depending when the property is sold.
Real Estate Commission - usually 6%
320.00 - Closing Fee Title Company
75.00 - Title Search - Title Company
Title Insurance Policy to new buyer
State Doc Stamps on Deed (State of Florida Tax) Seller pays for new buyer.
$150.00 Municipal Lien Search for Clear title
2013 Real Estate Taxes (Estimate)
Mortgage Payoff if mortgage exists
Pro-rated HOA Fees
To get an accurate figures for closing your property, contact a Realtor who you wish to work with and let them assist you in selling your property.
Carri Schoeller, ABR, e-PRO
Charles Rutenberg Realty
Sarasota, FL 34242
SaraBay Real Estate
Attorney Fees (if required)
Owners Title Insurance Policy
Preparation of Deed
State Doc Stamps on Deed (.70 for each $100)
FRIPTA Foreign Investor 10% (when applicable)
Termite Damage Treatment (when applicable)
Structural Damage Treatment/Repairs (when applicable)
Proration of Real Property Taxes
Proration of Maintenance Fees
Existing Mortgage Balance
Tammy Hayes, Realtor
Re/Max Palm Realty
I have a page on my site devoted to closing costs: http://www.davidbarrhomes.com/closing_costs_sarasota.
Advice you have received previously about a "usual" real estate fee violates federal anti-trust law. Every real estate fee not involving a defined state tax is negotiable.
David Barr, Broker Associate
Allison James Estates & Homes
Typically, sellers pay for:
Loan payoff costs, including possible prepayment penalty fees
Real estate commissions to agents or brokerages
Title insurance fees
Attorney fees, if they choose to use a lawyer
of course, any dues (HOA, taxes, liens) should have been cleared.
Typically in Florida you would see on the Florida Realtors/Florida Bar purchase agreement that the seller is responsible for paying the following:
Title Insurance and search
Documentary stamp taxes on the deed
HOA or Condo association estoppel fees
Seller's attorney fees
Any charges related to clearing the title
As with everything else in a real estate transaction, these are negotiable and you may get relief from some or all of it, or you may be paying for some or all of the buyer's costs. Below is a calculator to help you find out what the total costs might look like, or feel free to contact me and I can get you a free no obligation quote from a Title Company or Real Estate Attorney. Hope this helps!
Benjamin Litke PA
Coldwell Banker Residential Real Estate