When you are selling your property you have to keep in mind the selling costs linked with the sell :
- Agent commission – Typically the commission is around 6%. The rate can be negotiate and a 0.5% drop is possible.
- Closing costs – They are usually divided between the seller and the buyer. But sometimes the buyer asks the seller to pay the total closing costs (3 to 4% of the selling price).
- Moving costs – This cost depends on where you are going few miles or across the country. So the bill can be from some hundred dollars to thousand dollars.
- Capital Gain Tax – If you are not planning to purchase again you need to take in account the tax on profits (above $250,000 for an individual to $500,000 for a couple). Keep in mind that you can deduct closing & selling cost and some repairs.
The costs listed below represent the typically closing costs paid by the seller in Palm Beach County, Florida.
Expect around 1.5 % of the sale price + realtor commission.
- State Documentary Stamp Tax for Deed of Conveyance – $0.70 per $100.00 of sales price or fraction thereof
- Assessment Search – $70.00 / $80.00, depending on City
- Owner’s Title Insurance Policy – Based on the sales price ($5.75 per $1000) up to $100,000 & $5.00 per $1000 after $100,000
- Taxes – Current year’s real estate taxes are prorated at closing
- HOA – Prorated at the closing.
- Title Search, Exam and Closing Fee – Approximately $600.00
- Realtor commission – 5 to 6% of the selling price
What items are needed at closing?
You will want to have these items complete or in hand on the closing date :
- Seller’s copy of purchase agreement
- Any unrecorded instruments that affect the title
- Proof of satisfaction of any mechanics’ liens, chattel mortgages, judgments, or mortgages that were paid prior to the closing
- Photo identification (passport, driver’s license, or state-issued identification card)