Closing costs Seller26 Apr Giulietta Ulloa
When you sell a property in Miami you usually may have the following closing costs to be reflected in the Housing Uniform Development “ HUD “ which is the document of the closing statement.
Seller’s tax stamps : A tax of 0.60 cents for every $100 is charged to the Seller in all transactions. That means that if you sell a $1,000,000 property you should have to pay $6000 to the State of Florida.
Lawyer or Title company : A fee to be paid to the company who provides the Seller documents. The average fee is between $600 to $2500.
Real Estate Commission : The standard commission to the Brokers involved is 6%,
Condo Stoppel letter: if you are selling a condo unit, the building needs to issue a letter stating if there is any outstanding balance of the maintenance fee. Usually the buildings charge between $150- $250 for issuing this letter
Courier, Recording fees and Miscellaneous: You may count with approximately $500 in courier, recording fees and miscellaneous.
All other expenses as Property Taxes and Insurance must be prorated to the date of closing and be charged exactly to the amount of days owning the property. Usually property taxes are paid arrears so a debit will be deducted from the Seller’s proceeds and Insurance is paid in advance so it will show as a credit to the Seller.