Selling a property in Miami is a process which incurs certain costs of sale which may differ from the rest of the country. Below is a cheat sheet you can use to determine a rough estimate for what you may walk away with at the closing table if selling a Miami house or condo.
- Title Search – $200 to $500 to the seller. This is a negotiable term. However, on a regular sale it is standard for the seller to pay for the title search, as the buyer typically purchases their own title insurance.
- Documentary Stamps – $.06 per $100 pf the sales price – Doc stamps are taxes paid for by the seller when transferring a property.
- Broker Fee – 6% of Sale, 3% of which goes to a cooperating broker if different broker procured the buyer. Standard fees of 6% are charged by the realtor to market the property, manage the negotiation process, and oversee the transaction from contract to closing. If a buyers agent procures a buyer, the listing agent (you, the seller’s agent) will pay 50% of the fee to them as a cooperating broker.
- Attorneys Fees – In complicated sales, sellers may be advised to hire an attorney to manage the process in addition to the realtor. If this is the case, ask for an estimate up front. Your realtor should also be able to recommend a viable attorney if one is needed.
Before assuming what you will walk away with at the closing table, it is always wise to ask your title company to prepare an early estimate for your expenses. And a proficient real estate professional should always be happy and willing to walk you through your initial calculations before even listing the property.