Thinking about selling your New Smyrna Beach condo or home?
Understanding the costs that a homeowner pays when selling their home is an important part of the real estate transaction. We have put together an outline of the “traditional expenses” that a seller will pay at closing when the sale of their home is completed. Every sale is different and this breakdown is online an example.
- Real Estate Brokerage Fees (6%): $18,000*
- Title Policy: $1650
- Doc Stamps on the Deed: $2100
- Settlement or Closing Fee: $350
- Search Fee: $85
- HOA or Condo Association Estoppel Fees: $50 – $250
Estimated Closing Cost Total: $22,385
Condo Owners – Added Association Costs!
Most savvy condo buyers will ask to see the following items as a condition of the sale. Sometimes the association will charge a fee to provide these documents:
- Financial Statements (Budgets, Reserves & Expenses)
- Condominium Bylaws
- Condominium Declarations
The Florida Bar / Florida REALTORS contract stipulates that the buyer is to return the documents to the seller if they wish to cancel the contract, but it’s your job to provide them to the buyer and sometimes there is a fee that will have to be paid in advance to obtain them.
Don’t Forget About Property Taxes…
Property taxes in the State of Florida are assessed on January 1st of each year, the bill is sent at the beginning of November and a discount is given if the bill is paid by November 30th. The bill is not considered late until after March 31st the following year. Most homeowners with a mortgage pay a portion of the real estate taxes each month as part of their payment and this money is placed in an escrow account so that when the bill is received in November it is paid by the mortgage company.
When you sell your home, you will be responsible to pay your share of the property taxes from January 1st through the closing date. This money will be deducted from your proceeds at closing and credited to the buyer so that they can pay the taxes when they are do. If you have a mortgage and your loan has been satisfied, your lender will refund the balance of your escrow account to you.
Are you ready to sell your New Smyrna Beach Property?
Contact New Smyrna Beach REALTOR, Cas Summers for more information about selling your NSB property. Each home sale is different, please feel free to contact me to discuss your situation and get a personalized closing cost calculation.*Real Estate Broker Fees are negotiable between a broker and the seller, the sample brokerage fee is for reference.