Jan 292015
 

Seller closing costs

Seller closing costs

Below are the typical closing costs for a residential home seller. Use the form as a worksheet to calculate your closing costs by adding and totaling your estimates in the Estimate $ column. Use the linked calculators and the provided pro-rata formula to obtain estimates.

CostEstimate $How calculatedExplanation
Title insurance policy – paid to title co. $Calculated rates set by Dept. of Ins. & FL. statute. *Owners protection against defects / hidden claims against title.
Title examination fee – paid to title co. $As quoted – Approx. $100.A check for title encumbrances.
Closing fee – paid to title co. $As quoted – Approx. $100.Junk fee
Title search fee – paid to title co. $As quoted – Approx. $100.To check the seller’s right to transfer ownership.
Copies and courier costs – paid to tile co. $Approx. $50Junk fee.
Real estate commission – paid to Realtor. $Usually 6% of sale price.Realtor services – if used.
Home warranty – paid to warranty company. $ As quoted. Usually $400 – $500Buyer incentive.
Document stamps on deed – paid to State $70c per $100 of sales price.
Calculator.
State tax to transfer deed. Explanation.
Recording fee – Paid to County $Usually $15-$25. Calculator.To record the mortgage satisfaction
Prorated credit of HOA fees – paid by buyer. $Pro-rata buyers share of HOA fees prepaid by seller. See formula below ** To reimburse seller for prepaid HOA fees due by buyer.  Explanation
Prorated credit of CDD fees – paid by buyer. $Pro-rata share of CDD fees prepaid by seller. See formula below ** To reimburse seller for prepaid CDD fees due by buyer.  Explanation
Proration of taxes – paid to escrow $Pro-rata share of year tax bill less amounts prepaid by seller. See formula below ***Pro rated portion of property Tax bill owed by seller up to sale date. Explanation
Attorney fees – paid to attorney. $As quotedFor attorney legal or closing services.
Repairs – paid to contractors. $As per contractor estimates.Only if required to make a deal happen.
Buyer concessions  $Negotiable – TBDOnly if required to make a deal happen.
Other  $
 
Total loan closing costs $

Alternative all costs calculator

* $5.75 per $1,000 for first $100,000, plus $5.00 per $1,000 above $100,000

** How to calculate the pro-rata share of HOA and CDD fees.

  • Contact the HOA and get the fee for the property.
  • Go to the county property appraiser website to see the CDD fees for the property (shown as an ad valorem tax).
  • Calculate how many days, including the sale date, are the buyer owned fees for billing period.
  • Divide the calculated seller owned property days by the number of days in the billing period.
  • Multiply by 100 to arrive at a %
  • Apply the % to the fees to obtain the seller pro-rata paid fees for the billing period.
  • Subtract the seller pro-rata paid fees from the total fees for the billing period. This is the amount that must be credited to the seller and charged to the buyer.

** * How to calculate the pro-rata share of year tax bill

  • Go to the county property appraiser website and get the property taxes fees for the property.
  • Calculate how many days, excluding the sale date, were seller owned property days for the year.
  • Divide the calculated seller owned property days by 365
  • Multiply by 100 to arrive at a %
  • Apply the % to the tax bill to obtain the buyer’s pro-rata share of year tax bill less any amounts already paid.

Download a printable PDF version of this worksheet.

Hopefully this information is helpful to sellers who want to know what their seller closing costs will be.

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Marius J Smook – Licensed Real Estate Eco-Broker, LEED AP for HOMES, Home Energy Rater.

 January 29, 2015

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