The largest expense is usually real estate commissions. In Miami, the average albeit negotiable rate is 5% to 6% of the sale price, split between the buyer’s and seller’s agents. This covers a myriad of essential services like marketing, negotiations, and managing the entire sale process of one of your most significant financial assets.
The largest expense is usually real estate commissions. In Miami, the standard rate is 5% to 6% of the sale price, split between the buyer’s and seller’s agents. This covers essential services like marketing, negotiations, and managing the sale process of one of your most significant financial assets.
Yes, in Miami, sellers typically pay for title insurance, which protects the buyer against ownership disputes after the sale. This fee varies, but for a $500,000 property, it usually costs around $2,500 to $3,000, depending on the title company.
Documentary stamp taxes are a state tax on property sales. In Miami, sellers are responsible for paying this tax, which is calculated at $0.70 per $100 of the sale price. For example, if your home sells for $1 million, you would pay around $7,000 in stamp taxes.
At minimum a title company is required for closing, but many sellers smartly opt to hire a real estate attorney for added protection. Attorney fees typically range from $900-$2,000 and up, depending on the complexity of the transaction. When technical and potentially costly real estate issues come up - as they inevitably do - having legal counsel on your side is crucial.
Yes, other potential costs include recording fees, settlement fees, and offering a home warranty to the buyer. While these aren’t as large as other expenses, they can add up, so it’s important to include them in your calculations.