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
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
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.
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.