Home Selling in 34472>Question Details

Sharon, Home Seller in Wesley Chapel, FL

What are the typical closing costs for the buyer and the seller? Is there a % of selling/ purchase price that can be applied to give a ball park?

Asked by Sharon, Wesley Chapel, FL Mon Jan 18, 2010

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Yes, there is a rule of thumb, which is roughly 4% of the purchase/selling price.... There are too many variables to use a "rule of thumb" ~ I use a closing cost calculator to get a better idea. Many real estate title companies provide such a calculator on-line.

Here is one of the calculators that I use;
its from Clear Title Services, Inc. in Bay Harbor Islands, Florida ~ Eric van der Vlugt, Esquire

Mott Marvin Kornicki, REALTOR
3 votes Thank Flag Link Mon Jan 18, 2010
Hi Sharon;
Sellers usually pay for the title search/exam and title insurance which is approx. $400 for the search and approx. 6 cents on the thousand, for example: selling price of $100,000 x .006 = $600
Sellers also usually pay for doc stamp tax on the deed, which is 7 cents on the thousand, for example, selling price of $100,000 x .007 = $700, Sellers also pay for the realtors commission which is usually 5-7% of the sales price. So, total sellers closing cost equal approx. 1.7% of sale price + the brokers commission of 5-7% of the sale price.

The Buyers pay for survey, inspections, appraisals, lender fees, and lender required pre-paid property tax, insurance, and buyers title insurance policy, which is approx. 4-6% of the sale price depending on the amount of tax, home insurance and lender fees.

I hope this helps. If you'd like a FREE, no obligation Comparative Market Analysis of your property please call or email me anytime.
At Your Service,
Cheryl Bednar-Jimenez, Realtor 352-304-4654
Coldwell Banker Ellison Realty CJimenez@EllisonRealty.com
1 vote Thank Flag Link Mon Jan 18, 2010
How much would typical closing cost be on a $150,000 home?
Flag Wed May 7, 2014
It all depends on the terms of the contract. The terms of who pays what are negotiable and I find that the "norm" varies from town to town.

In my area, the typical closing terms, with the typical lending fees also included on buyers side, ends up being anywhere from 2.5%-3.3% of purchase price for the buyer. If buyer pays cash, cost are usually at the lower end of that range.

For the seller, using our typical terms seen in most contracts, the closing costs are about 1-1.2% of the sales price, in addition to the brokerage fee, which I've seen vary in our area from as low as 5-10% depending on the price of the property and type of property and types of services being provided.

I'll add that as a Realtor, I don't spend time computing closing statements. Title companies do that all day long, and the good ones will compute an estimated HUD (closing statement) very quickly for any buyer or seller interested in pinpointing by line item, their closing costs. I like to present an estimated HUD to my seller with every offer, so that they can understand their net.
1 vote Thank Flag Link Mon Jan 18, 2010
Title insurance companies are a good source for closing costs estimates. In some Florida counties the buyer customarily pays the title insurance and depending on the buyer's mortgage points and costs the total closing cost amounts can vary substantially. So quoting typical costs is not of much use unless saying they're often between 1 - 4% of the purchase price is considered useful.
0 votes Thank Flag Link Sun Dec 8, 2013
What are the seller costs at closing for a 300,000. home with 6% commission plus escrow fees in the state of Oregon?
0 votes Thank Flag Link Sat Oct 19, 2013
What are the typical attorney's fees at closing in WPB., Fl., on a residential property and is the seller responsible for paying the fee?
0 votes Thank Flag Link Tue May 21, 2013
We can handle Sellers closing costs for $399 in Florida. If interested, please send us an email or call. Buyer closing costs depend on price of home, because the sale price will affect title insurance, deed tax, etc.
0 votes Thank Flag Link Mon Jan 18, 2010
Hi Sharon,

We normally estimate 4.5-6% of the sale price for the buyer getting a conventional loan. The amount can vary depending on the type of loan of course. This estimate includes all lender fees, taxes on the new note, survey and appraisal. It would not include any inspections you would have performed. Your inspections could run anywhere from $400-$1000. Seller's are required to pay .007 times the sale price for document stamps, which is a state tax. In Marion and Citrus County, the seller ussually pays title insurance as well.
0 votes Thank Flag Link Mon Jan 18, 2010
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