Seller's Closing Costs26 Apr Giulietta Ulloa
Usually when I list a property the first question I receive from a Seller is how much are my closing costs. Every state is different. Find below some important information regards the Seller's costs.
When you sell a property in Miami-Florida, 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% to be share between both Realtors, the Buyer's realtor and the Seller's realtor.
Condo Estoppel letter: When you are selling a condo unit, an estoppel letter from the building is needed.
The condo issues a letter stating if there is any outstanding balance of the maintenance fee or if it has been paid in advance.
Usually the buildings charge between $150- $350 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 as per to the exact date of closing and is to be charged exactly to the amount of days of the current year 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 be shown as a credit to the Seller.