Typical Seller closing costs in Clay County Florida
Buying a home in Clay county, and selling your home, you will have closing costs. I know, it stinks and you would rather not have any costs associated with selling your home. I’d rather not see those fees too! This post will outline those costs, explain what they are and give you a rough idea of how much they will be. Hard to make a post about closing costs exciting and fun, so let’s just dig in….
Deed Stamps-Tax required on all deeds used as conveyances. To figure the cost= .007 x sales price
Owner’s title insurance policy– This is issued for an amount equaled to the total price paid for the home. It helps to protect the new owner against unexpected risks.
Title search– fee to search for clouds if any on a title
Closing attorney/ Settlement Fee– A fee an attorney charges for performing the close of escrow.
Real Estate Commission– The fee the real estate company charges the seller to market and sell their home. These fees are not set and usually includes a fee paid to the buyer’s agent. This is usually a percentage based on the contract price.
Survey– used to measure and describe a specific tract of real property for the purpose of determining exact boundaries. Cost can start around $250 and up depending on the size of the land.
Record of Satisfaction of Mortgage-cost to record that the current mortgage has been paid off and satisfied.
Seller’s Courier Fees– fees for having to overnight paperwork if necessary.
Accrued Interest-the interest on the seller’s mortgage that is paid from the first of the month until the day of closing.
Tax pro rations-The tax bill the seller owes up until the day of closing
HOA,CDD pro rations-If you live in a neighborhood that has an HOA or CDD fee, those items are pro-rated up until the day of closing.
Home Warranty-The buyer may ask the seller to pay this. This warranty covers things like appliances, hot water heater and HVAC. Approx $350
Buyer’s closing costs- the buyer may ask you to pay for a portion of their closing costs.
FHA tax service Fee– Based on FHA guidelines, the buyer can’t pay this fee, so it falls to the seller to pay it. $75
WDO Inspection Report– This is the inspection the buyer has done to determine if there is any wood rot, or termites or other bugs that destroy wood. The VA guidelines state that the buyer doesn’t pay this fee. $85 and up.
Va loan (buyer)- depending on the mortgage company the buyer is using, there are certain closing costs they can’t pay. This is something that can be researched at the time of closing.
Here’s an example based on $200,00 sales price, no HOA or CDD, the seller paying for a home warranty and the buyer doing a conventional loan:
Owner’s title insurance policy-$ 1075
Title Insurance- $150
Attorney fee/settlement fee- $250
Real Estate Commission- $12,000 (listing broker shares half with the selling broker in this situation. I know you’re cringing at this number)
Record of Satisfaction of mortgage- $25
Seller’s courier fees- $40
Accrued Interest-$1,000 (assuming a 6% interest rate on the current loan)
Tax-$1,346.50 (based on last year’s taxes and assuming the seller is closing the 7th month of the year)
Home Warranty- $350
Total closing costs: 17,886.50
To determine your net you would take the sales price-total closing- any unpaid liens.
Hope this helps give you a rough idea on typical Seller closing costs in Clay County Florida. When I list a home, I’ll do a seller’s net sheet showing different price points, and also when an offer comes in. That way you can see what you’ll net at various price points and you can have a really good idea of what you will net with that particular offer. Now, if you are in a short sale situation, then your lien holder would pay the closing costs. Not to say you won’t be asked to contribute, that depends on your hardship situation.
If you’re thinking of selling and want to know what your Clay County home is worth and please fill out a FREE Home Valuation form and I’ll be happy to show you what houses are selling in your neighborhood and calculate what your approximate net is at closing.