When selling a home in Orlando, it's important for the seller to understand the closing costs that are associated with selling a home. When purchasing residential real estate in Florida, there are costs that are incurred by the seller and closing costs that are incurred by the buyer. In this post, we'll be going over the seller fees so you feel comfortable with them when selling your home. 

Within the contract, Section 9 states the fees that the seller will be paying. There are three fees that are based off of the purchase price of the property. The first fee the seller pays is the broker's commission. The average commission amount is 6% of the purchase price. The other two fees are the doc stamps and the title insurance. The docs stamps, which are determined by the purchase price, are taxes paid to the county and are $0.70 per every $100. Additionally, the title insurance ensures to the buyer that the title is good. When the seller sells their home, they provide the owner's title policy for the buyers, ensuring a clean transfer of the property. The owner's title policy is also based on the purchase price: for an Orlando home over $100,000, the cost will be $5.00 per $1,000.

Aside from these three big items, another fee the seller will be responsible for is the property taxes. In the state of Florida, you are responsible for taxes from January 1 until the close date. This creates a credit for the buyers for their future home, which they will eventually pay in full amount.

You also have to pay the title service fee charge, which compensates the title company. This fee is usually around $500. There's also a title search fee and a charge for a municipal lean search, which can uncover unknown information about the house.

These are the most common seller's closing costs you will encounter throughout the process of selling your home! However, before you list your central Florida property, make sure to get a net sheet from your REALTOR. This breaks down all of these fees and determines what your net number will be at the closing fees.

As always, we are here to help you! Please feel free to Contact Us, and I hope that I have helped you get real estate smart.

 

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed themselves into one of the top real estate teams in Central Florida.