Here are the major Sarasota closing costs for home buyers and home sellers.
CLOSING COSTS IN SARASOTA
BUYER'S CLOSING COSTS
Owner's Title Insurance: This varies based on sales price of the property. The rate is cumulative up to the purchase price of the home:
Up to $100,000: $5.75 per $1000 of purchase price;
$100,000 to $1 million: $5.25 per $1000 of purchase price;
Over $1 million to $5 million: $5.075 per $1000 of purchase price;
Over $5 million to $10 million: $2.25 per $1000 of purchase price;
Over $10 million: $2.00 per $1000 of purchase price.
Doc Stamps on Mortgage (or Note): This is a state tax that is calculated on the loaned amount of your purchase, at a rate of 70 cents per $100 of mortgage amount.
Intangible Tax on Mortgage (or Note): This is another state tax which is paid at closing, at a rate of .55% of the mortgage amount. Cash buyers do not pay intangible tax.
Mortgage costs such as origination fees will appear on your settlement statement as a buyer's cost to be paid at closing. There may also be additional fees, such as doc prep ($75-$150), recording fees ($25-$50), and title search fees ($200-$300).
Buyers will receive a credit on the settlement statement for the seller's portion of the annual property taxes, if the closing occurs before November 1.
SELLER'S CLOSING COSTS
Doc Stamps on Deed: This tax is calculated as the result of 70 cents on every $100 of sales price.
As part of the negotiation with the buyer, you may decide to agree to pay for some of the traditional buyer's closing costs. The information for buyers would apply to you as a seller if those fees/costs were negotiated as part of your purchase contract.Title agent or attorney closing costs range in price from $300 to $500.
Property Taxes: If the closing occurs before November 1, you as the seller will be charged at closing for your portion of the annual property tax amount. The buyer will then be responsible for paying the entire property tax if they take possession before November 1.
Broker Compensation: The compensation a seller pays to real estate agents is part of the seller's closing costs. Broker compensation typically comes from seller's proceeds at closing from the sale of the property.
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