Estimating The Closing Costs On Your FishHawk Ranch Home For Sale
How to estimate closing costs when selling a FishHawk Ranch home is one of the most asked questions I get. Below, I am going to do an estimated closing cost scenario on a $300,000 home closing on June 1st with property taxes of $5000 and REALTOR® commissions of 6%.
I know I get a lot of global readers to this blog so please keep in mind that some of these costs are specific for the Hillsborough County, Florida area. Please check locally for what is customary in your area. This should give you a good starting point.
|Sales Price of your FishHawk Home:||$300,000|
|Documentary stamps on the deed: ($.70 per $100)||$2,100|
|Title Closing Service Fee:||$395|
|Selling Firm Commission:||$9,000|
|Marketing Firm Commission:||$9,000|
|Home Warranty: (Optional)||$600|
|Prorated Taxes & Assessments:||$2,082|
Let’s take a quick look at each of these items.
Sales Price of Your FishHawk Home
This one is simple. It is the final contracted price both you and the buyer have agreed and are under contract to purchase your FishHawk Ranch home.
Documentary Stamps on the Deed
Documentary stamps on the deed is a tax that is levied at the rate of $.70 per $100 (or portion thereof) on documents that transfer an interest in Florida real property, such as warranty deeds and quitclaim deeds. In Miami, the rate is $.60 on all documents plus $.45 surtax on documents transferring anything other than a single-family home.
This is an insurance that protects the buyer via an owner’s policy against loss arising from disputes over ownership of a property. The policy is paid for by the seller and it protects the new owner.
Title Closing Service Fee
The title company or attorney does a lot of work to get the proper paperwork together and record paperwork with the County Clerks office. Basically, this is how they get paid.
This is a fee charged to record your documents with the County Clerk. This fee may fluctuate a little bit.
Real Estate Agent Commissions
As the seller, this is the amount of money you agreed to pay the REALTORS® to market and find a buyer for your FishHawk Ranch home. This commission breaks down into two categories.
- The Selling Firm: This is the brokerage of the real estate agent that found the buyer for the house. The commission gets paid to their broker who will then split it with the agent. The selling firm may or may not be the same as the Marketing Firm. Really good marketing firms may actually find a buyer for the home and also become the selling firm. In my scenario, the seller paid a total of a 6% commission to the REALTORS®. The selling firm per your listing agreement with the marketing firm will receive a pre-determined amount of that commission.
- The Marketing Firm: This is also known as the listing brokerage. Believe me when I tell you this, a really good marketing firm is well worth every penny of the commission paid to them. Not only do they understand the complicated paperwork and the legal aspects of the sale but they can market your home and get you top dollar for your home.
There are companies out there that will offer you a warranty on the items of your home. I have mixed feelings regarding the warranty. On the one hand, it is nice to offer it to the buyer and can help with the marketing of your property. On the other hand, I really don’t like some of the wording of the preexisting issues some of the warranties have. To me, it’s a toss-up if you want to offer one or not. Depending on the level of warranty and company you choose they typically run in the $400 – $700 range.
Prorated Taxes & Assessments
In Hillsborough County, property taxes are paid in arrears. That means that the property taxes are paid at the end of the year they are due. If your house closes in October the new buyer will be responsible to pay the taxes for the full year. In order for both the buyer and seller to pay an accurate proportion of property taxes for the time they owned the house the title company will determine the daily tax amount and prorate it based on the number of days, the seller owned the home. In my scenario, this daily amount would be $13.70 per day and the seller owned the house for 152 days. So at closing, you would owe the buyer $2082 for property taxes for the time you lived in the home. Conversely, let’s say there was an assessment like the FishHawk Ranch CDD that for some reason you paid in full. The new buyer would reimbursement you a prorated amount for the amount they would owe for the remainder of the year.
I hope this adds a little clarity to the estimating of the seller closing costs on your FishHawk Ranch home that is for sale.
Please keep in mind that some of these items are estimates and may change.
FishHawk Ranch Real Estate Seller Related Information
- What To Look For In An Offer On Your FishHawk Ranch Home
- Find Out How Much Your FishHawk Ranch Home Is Worth
- Sellers Moving Checklist
- FishHawk Ranch Property Taxes
If you found this FishHawk Ranch Real Estate seller article beneficial, please share it with others. Thanks for sharing!
About the author
The above FishHawk real estate buyer article “Estimating The Closing Costs On Your FishHawk Ranch Home For Sale” was written by Jeff Gould.
Jeff is a top-selling, nationally recognized real estate broker, Florida REALTOR® and local FishHawk Ranch real estate expert.
In addition to the FishHawk area, Jeff sells homes in the entire Tampa Bay area. Including Lithia, Riverview, Valrico, Apollo Beach, Brandon and the rest of the Tampa Bay area.
If you are looking to sell or buy a home anywhere in the Tampa Bay area, Jeff is your local and trusted professional.
Jeff can also be reached via text or phone at (813) 421-3007.
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