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Costs of selling

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)