Buyer's Closing Costs
Buyers should have owner's title insurance to ensure clear title at closing. See the graphic below for calculating owner's title insurance costs:
Buyers also pay doc stamps on mortgage and intangible or mortgage tax, both non-negotiable taxes in the state of Florida. Cash buyers do not pay intangible tax. Closing costs can also include lender origination fees, document prep and recording, title search fees, appraisals and surveys. You can try to negotiate any lender fees as well as shop rates for appraisals and surveys. It can be time consuming to get quotes, but it can save you some money.
Seller's Closing Costs
The two biggest costs to the seller at closing are Realtor fees and doc stamps on the deed, also known in other states as a transfer tax.
You may, if there's a tax advantage to you, decide to help with some of the buyer's closing costs or offer to make repairs as a result of the home inspection. In addition, there's attorney/title agent fees that range from $300 to $500.
If you are closing on the sale of your property before November 1st, you will be required to pay the buyer for your prorated taxes (our property taxes are paid in arrears) based on the amount of time in that year you owned the property. It's the buyer's responsibility to pay the entire tax bill if they close before November 1.
Real estate compensation is always everyone's favorite topic. I offer a win/win compensation agreement that most sellers find fair and competitive.
"Thank you for your patience. You listened to what we were looking for and we are so pleased to have found the right property."
Joe from Venice