Home Selling in The Villages>Question Details

John Clark, Other/Just Looking in The Villages, FL

I have a home in Sumter County, The Villages Florida. If the home is sold, who pays State Tax Stamps and Title Insurance, the Buyer or Seller?

Asked by John Clark, The Villages, FL Wed Jul 28, 2010

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Everything is negotiable. If it were me I'd ask the buyer something like, If I pay the Doc Stamps will you pay the Title Insurance?
0 votes Thank Flag Link Thu Feb 24, 2011
I Texas the taxes are spilt with Seller paying from January 1st to the close date, and the Buyer paying from close date through December 31st. Check with a local pro to see whats normal in florida.
0 votes Thank Flag Link Wed Jul 28, 2010
John,
In theory, all closing costs are negotiable. In practice, you find that certain costs are customary Seller charges or Buyer charges in a given location.

In my part of Florida, it's common to see the Seller paying for the documentary stamps on the deed and the owner's title insurance policy..

When I'm listing a property, what I say to the Seller is this: The reason you purchase the owner's title insurance is that it is your way of showing the Buyer that you own the property, that it's unemcumbered (free of liens or judgments), and that you're in a position to transfer the ownership to the Buyer.

In addition, the Buyer may be purchasing title insurance as well. If the Buyer of your property gets a mortgage, he/she will be purchasing a title insurance policy for the lender.

The documentary stamps on the deed are a transfer tax that is paid to the state any time a property changes hands in Florida. Since the Seller is the one who is transferring the ownership, it seems logical that the Seller would be the one to pay this closing cost.

However, as I mentioned before, any cost can be negotiated. Your real estate agent can tell you what is most common in your area. I hope that helps.

Warm regards,
Maggie Hawk, REALTOR
(386) 314-1149
Watson Realty Corp.
0 votes Thank Flag Link Wed Jul 28, 2010
Hi John,

Every county is different, but most counties it is common for the seller to pay taxes and title. Like everything in a contract it is negotiable, so counter back. Just make sure you do not want to lose the deal over this subject though. You may find that in a buyers market, the buyer may be willing to walk from a deal over little things such as taxes and title. Good luck

Michael Herron
CLR Choice Realty
Palm Coast, FL
386-986-0033
michael@clrchoicerealty.com
http://www.palmcoastproperty.com
0 votes Thank Flag Link Wed Jul 28, 2010
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