Sell My House In Miami-Dade County! Closing Costs in Miami-Dade
Need to sell your Miami-Dade County house and don’t know what your closing costs as a seller would be? Did you ever sell a house and didn’t understand what exactly are you paying? Here is a quick overview of what you should expect when selling your house traditionally.
Remember: In a real-estate transaction everything is negotiable, however in most cases and transactions these are the closing costs sellers usually pay in Miami-Dade County FL.
1. Documentary stamp taxes on the deed:
A deed is a legal document that is signed and delivered. A deed must not be recorded in public records – however, buyers would almost always want to record it as they will have the protection and proof needed against any claims on the title of the property, a deed is a document that helps them show the property was bought by them, and they are holding title to the property. The County charges a tax for recording all types of documents in public records. Documentary stamp taxes on the deed are paid by the SELLER most of the times.
How much is it?
In Miami-Dade County, the county charges 0.6$ for every 100$ of the sale price.
For example: If you sold a house for 100,000$ you’d pay 60 cents for every 100$, hence you will pay 0.6X1000 = 600$
2. Title Search
In traditional real-estate transactions, it is the responsibility of the SELLER to show a clear title to the property that he sells.
Title companies are companies that specialize in real estate transactions and provide service of title search. Furthermore, they will achieve an abstract of title which is a document that shows all the transfers of the deeds, liens, easements and other legal issues that are attached to the property. Title companies are experts in learning the history of the property due to years of experience and professionalism. Also, it is required that the title search will be reviewed by an attorney and the attorney provides an opinion of title. Buyers want to know that they are buying a property that has a clear title, and the Seller must provide a clean marketable title or the buyer is free to walk out of the contract unless agreed otherwise.
How much is it?
The Price of a title search with an opinion of title is 450- 600$
3. HOA/ Condominium association Estoppel Fee
An estoppel letter is a letter that indicates the debts, fees, violations and special assessments that are bestowed on a property by the association of the house/apartment. Before lending money to a potential buyer, the bank wants to know if there are any fees or debts left open with the association. Because the bank want to know the exact debt on the house it will not lend money to the potential buyer without the estoppel letter from the seller.
The Homeowner must provide an Estoppel Letter from the association that shows no debt, or shows a debt that must be paid by the seller, or prorated between the seller and buyer at closing.
How much is it?
The prices vary and depend on the association. The range is anywhere between 0-500$.
By law, the association must provide the letter within 15 business days and there could be an extra charge if a rush is needed.
4. Seller attorney’s fee or Title company fee
In Florida Sellers and Buyers aren’t required by law to be represented by an attorney or a title company, unlike other states. However, in the vast majority of traditional sales, an attorney or a title company will escort the transaction. Both buyer and seller could be represented by the same title company or an attorney.
So How Much Is It?
Prices vary based on the attorney or title company 600-2000$
5. Seller’s Realtor Commissions
First of all, Everything is negotiable in a real estate transaction. But if we are being realistic, and you need to sell your house in Miami-Dade County, most likely you will pay for the realtor commissions.
There could be 2 or 1 realtor in a purchase and sale transaction.
A listing agent, a realtor hired by sellers to list and market the property to other realtors that might have potential buyers, and a buyer’s realtor which is a realtor that shows buyers properties that were listed by listing agents. A realtor is an agent of a real-estate brokerage. It is illegal for a realtor to get compensated for real-estate services by others if not registered under a brokerage.
In a situation in which the same brokerage locates a potential buyer, and is listing the house under one of its agents, the agent will then receive compensation as a listing agent and as a buyer’s agent.
The seller usually pays for both agents and the price is a commission based on the sale price.
How much is it?
Buyer’s agent 2.5-3%
Listing agent 2.5 – 3%
For example: A House sold for 200,000$ – the seller will pay 10,000-12,000$
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