In the net sheet, which outlines how much i get in my pocket, which of the items vary based on price and which are fixed?

Asked by Terry Yonker, Punta Gorda, FL Sun Jun 10, 2012

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Terry Yonker, Agent, Punta Gorda, FL
Sun Jun 10, 2012
The below structure is specific to our brokerage costs and policies. In reality only a few of the items are typically fixed.. most fluctuate based on value.. I've outlined some of the bigger costs that you would expect in selling a typical $300,000 home in Charlotte County

This is the state government taking your money to fund their 'adventures'. This adjusts based on the below formula.
"From (Chapter 201, Florida Statutes) Documentary stamp tax is levied at the rate of $.70 per $100 (or portion thereof) on documents that transfer interest in Florida real property, such as warranty deeds and quit claim deeds. This tax is usually paid to the Clerk of Court when the document is recorded. The Clerks of Court send the money to the Department of Revenue and the Department distributes the funds according to law."

This rate is from Stewart Title, a large national title company. Their basic formula is $250 base cost plus .575% of sale price

A pre listing inspection is paid at closing. This item is to help provide all amenities and flaws to a potential buyer. This cost is fixed and may adjust upwards slightly for homes above 2,000 square feet.

A fixed cost paid again at closing. This provides the potential buyer peace of mind for the next 12 months and helps compete with new construction product.

*COMMISSION 6.0% - variable

This will vary of course with the sale price and is cut out 3% to the buyers agent and 3% to the listing agent

Once a $3,000 minimum is met on the listing side, we start splitting half of our listing commission with the seller. In effect this results in a listing of 4.5% total which of course varies. The commission offered to co-operating brokers remains the traditional 3%.

Also keep in mind that this doesn't include property taxes, which will depend on date of sale, and any other assessments or liens that may be attached to the property.

I have included a link below which links to a spreadsheet showing your net costs based on varying sale prices.
1 vote
Maggie Hawk, Agent, New Smyrna Beach, FL
Mon Jun 11, 2012

On the sale of a property in Florida, the three items that have the greatest potential for variability based on price are: the documentary stamps (transfer tax) on the deed, the title insurance policy, and the real estate commission. I hope that helps.
0 votes
Bill Arther, Agent, Punta Gorda, FL
Mon Jun 11, 2012
Terry, you've answered your own question perfectly! And Tammy gets an 'A' for the comprehensive list of potential hands in your pockets for any given transaction :)
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Mon Jun 11, 2012
Expense of Seller may include:

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)
Realtor Fee
Termite Damage Treatment (when applicable)
Structural Damage Treatment/Repairs (when applicable)
Proration of Real Property Taxes
Proration of Maintenance Fees or Homeowner Association Fees (if applicable)
Existing Mortgage Balance (if any)

Expense of Buyer may include:
Attorney Fees (if required)
Recording Deed
Termite Inspection
Home Inspection
Defective Drywall Inspection
Mold Inspection
Flood Insurance
Well Test/Sulfur/Sodium
Proration of Real Property Taxes
Proration of Maintenance Fees
Homeowner Insurance
Additional Expenses if Mortgage Obtained
Mortgage Title Insurance Policy
Service Fee or Origination Fee (if applicable)
Doc Stamps on Note (.35 on each $100)
Lender's Attorney Fees
Appraisal Fee
Assumption Fee on existing mortgage
Intangible Tax (.002 on New Mortgage)
Recording Mortgage
Credit Report
Escrow Account (Taxes and Insurance)

Tammy Hayes, Realtor
Green Lion Realty, Port Charlotte, FL
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