Your real estate agent will provide you with a preliminary breakdown of closing costs, but here are some basics:
Commissions ($360,000 x 6%) = $21,600
(It should be noted that commissions are negotiable and this is just for example purposes.)
Documentary stamp tax is levied at the rate of $.70 per $100 (or portion thereof) = $2520
Estimated Total: $24,120
Other additional costs are negotiable when an offer is received, i.e. title insurance, inspections, warranties, surveys, etc. -- but more often the buyer pays for these.
Additionally, there may be outstanding condo/association fees or liens on the property that will have to be paid at closing.
Feel free to contact me if you have any additional questions regarding this topic or other real estate needs.
All the Best!
BRIAN A. MCGREEVY
Broker/Owner, REALTOR, MBA, GRI, RRS, ABR, AHWD
2007, 2008, 2009 & 2010 Best in Client Satisfaction
Five Star Award Winner
Sarasota Home Realty
2100 Constitution Boulevard
Sarasota, FL 34231
Phone: (941) 544-6763 FAX: (941) 866-7588
Your closing costs will be dependent on a number of factors; who is responsible for transfer taxes per your contract, are you paying for a Title Insurance Policy, if you listed and sold your property through a real estate professional what are the fees associated with that agreement, who is the closing agent and what are the fees they quoted to you; the list goes on. Hoping that you are working through a professional agent as they should be abel to give you a reasonable estimate of your closing costs based on your contractual obligations and the other factors surrounding your sale. I hate to give "typical" costs because there are so many variables but for an average transaction you can expect closing costs to be in the 7% to 9% of purchase price for the selling side.
I hope that this information is helpful but if you have any other questions please feel free to contact me at your convenience.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
Brokerage fee (at 6%): $21,600; Doc Stamps: $2,520 = total closing costs: $24,120.
If you'd like a complementary market analysis done for your home, please let me know - i'd be happy to help.
Re/Max Alliance Group'
Of course it depends on what's negotiated, but as a seller your typical closing costs in Sarasota County are the doc stamps and the settlement fee charged by the title agent or real estate attorney (which I recommend using)..
Doc stamps are a tax a seller must pay at the time of closing. The seller pays 70 cents per every $100 of sales price. In your case, you'd pay $2,520 on the sale price of $360,000. Here is a link describing what doc stamp taxs are in more detail: http://dor.myflorida.com/dor/taxes/doc_stamp.html
There may be various other fees such as a title abstract search or a document recording fee. These depend on the company or attorney doing the closing.
David Barr, Broker Associate