Are you wondering about selling your house in Florida? And wondering how to calculate the closing cost? Well, that’s the least part of the listing process. After struggling with many efforts, now you are ready to sell or purchase your property at good rates.
Florida is a big state where the real estate market is the second most costly compared to other states. If you are a new seller and sell your house for sale by the owner, it’s tougher to deal with the closing expenses.
You need to evaluate the estimated rate of the closing costs in Florida. That is the other whole new process that requires better mathematical skills to calculate.
Different online real estate websites have eased your efforts and designed a seller closing cost calculator in Florida that works wonders for sellers and buyers. It estimated the closing costs of sellers in Florida.
It means less effort and time. You can achieve estimated costs of closing. Commonly the closing price incurred for sellers lies between the range of 8 percent to 10 percent by including the cost of real estate agent commission.
Moreover, the buyer’s agent commission rate is commonly between the range of 3 percent to 5 percent. Comparatively, it is less than the seller closing cost because typically, the sellers have to pay the commission fees of buyers at the time of closing.
If you are still confused about how to accomplish the listing process, let me help you by explaining to you through an example.
Suppose you are calculating the standard seller closing costs in Florida.
- First, you have to calculate agent commission for both parties (buyers and sellers) is usually charged up to 5 percent to 6 percent of the listing.
- After that, add the unsettled bills that include utility bills, electricity bills, etc.
- Now you have to calculate the prorated property taxes by calculating the number of days of the particular year you are selling your property.
- By proceeding further, you have to pay the settlement fees to the company you render the listing services.
- Attorney fees are not required in Florida, but it is necessary to hire an attorney in many regions. Without this, no transaction will be performed legally.
- The next step is to perform a title search and municipal lien search, both costs up to 200 dollars.
- Next to get HOA Estoppel that charged up to 200 dollars to 500 hundred dollars.
- Documentary stamps or excise stamps differ according to the location and property value.
- Lastly, to get title insurance entered by the public record based on property value.
How to Calculate Closing Costs?
So, you might get the idea that closing costs depend on all the factors mentioned above. The sum of the cost of the factors mentioned above makes the closing costs of sellers in Florida. It is a little bit frustrating and time-consuming to perform it manually. Still, the closing costs calculators show wonders and give the sellers or buyers an estimated cost by adding all the necessary parameters.
Calculating the closing costs is quite easier if we evaluate them through the calculating cost calculator.
Also Read- How to Sell your Property in Houston?