Closings Costs in Florida
What are Closing Costs?
Once you decide to sell your home in Florida, we realize you want to know how much you need to pay at closing. Closing costs are all of the fees you pay to sell your home. There are variations between counties, including title fees, loan payoff costs, recording fees and property taxes. On average, you will pay approximately one to three percent of the sales price of your home for closing costs.
In Florida, you also pay the realtor fees. The average due at closing is six percent. We are cash home buyers and we pay closing costs. We can save you thousands in the commission you would otherwise pay to your agent without compromising on service or quality. We want you to have more money in your pocket when you close. We can close in as little as seven days.
We will purchase your home as is so you do not need to spend your hard-earned money on repairs. We help you avoid foreclosure, deal with liens, go through probate and can even close if tenants are renting your home. We offer you a much faster and easier option than retaining the services of a realtor.
Specific Closing Costs
In most cases, closing costs are split between the seller and the buyer. Your closing costs are negotiable and you should know what they are. We understand closing costs are expensive, and our clients are interested in our services for numerous reasons. As cash home buyers, we pay closing costs whether you have an inherited home, want to sell my house fast or do not have the funds to make the necessary repairs.
We buy houses in any condition to put money in your pockets fast. There are a large number of closing costs required in Florida. We have defined the most common below to make certain you do not receive any unexpected surprises.
Commission
You will pay your real estate agent between five and six percent of the price of your home in commission if both you and the buyer have retained the services of a qualified realtor. Although there is no set price, the majority of realtors charge between 2.5 and 3 percent in Florida. At ACG 369 llc, we will pay this and all other closing costs on your behalf to save you a substantial amount of money.
Prorated Property Taxes
Florida property taxes must be paid in arrears. This means property taxes will be owed for when you owned your house during the year whether it is for just 30 days or as long as 300 days. Your property is prorated according to how many days you have owned your house. If you close in November, the property tax owed will be a lot higher than if you close in January.
In some instances, your property taxes may have been estimated and included in your current mortgage payment. This means the funds are collected every month to ensure your property tax is paid on time. Once the closing is complete, you should receive the balance of your escrow account. Unfortunately, selling your home can take months or even years. If you do not want to wait, we buy houses fast.
Municipal Lien Search:
You can expect to pay between $100 and $200 for a municipal lien search. This search determines if there are any issues with your property that have not been recorded and will not show up in a standard title search. This includes balances for solid waste, sewer and water, code violations and expired or open permits. Your cost is dependent on your municipality.
Amounts Owed for Your Property:
If you owe any outstanding amounts for your home, you will be responsible for paying them off. This can include utility bills and homeownerβs association or HOA fees. All of these costs will be prorated and due on your closing date.
Closing Costs:
Closing costs vary, but in most instances the seller pays between one and three percent of the sales price as a part of their closing costs. This amount varies depending on several factors such as the local municipality. Before you accept any sales price, make certain you ask your title agent to provide an estimate of your closing costs.
We recommend obtaining as much information as possible regarding the specific amount of your closing costs when you sell your Florida home. Your cost will impact your net proceeds. If you are concerned about the expense, we are a good option because we pay closing costs for you. Although each individual cost may seem fairly inexpensive, when you add all of the costs together, the amount is often substantial.
Calculating Your Closing Costs
The total amount of your closing costs will add up. The good news is neither the seller or buyer is responsible for paying all of the closing costs. In most cases, the seller is responsible for paying between five and 10 percent of the sales price of the home. Approximately three to four percent of the closing costs are paid by the buyer. We want you to understand even if you manage to avoid paying the majority of closing costs, you will still be responsible for paying your realtor commission.
In the state of Florida, the realtor commission for the seller can be as high as six percent. In order to determine the amount of your closing costs when you sell your home, you need to consider where in the state your home is located. One of your best options is to use a closing cost calculator. This is a good way to estimate how much your Florida closing costs will be.
You can find numerous closing cost calculators online at no charge. You will need to have certain information available before you begin, but it is not difficult to obtain. Once you have an estimate of your total costs, you can decide if they are affordable for your situation or if you would prefer to eliminate closing costs by having us purchase your home.
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Disclaimer: The information found on this website is not to be utilized as tax or legal advice. The state and federal laws change quite often and the information may not reflect your current state's laws. If you need tax or legal advice, consult with an accountant or an attorney.