Selling your home in Lakeland, Florida is very expensive. In fact, according to Realtor.com as the seller, you can expect to pay anywhere from 6 to 10 percent of your home’s sales price at closing.
Below we’ve listed the customary closing costs paid by sellers, so you’re not caught by surprise when calculating the net profit from the sale of your home.
Read this article to the end. We’ll reveal a headache free way you can sell your home while eliminating most of your closing costs.
After viewing this video, continue reading for more in-depth information
Customary closing costs paid by a seller in Lakeland, Florida
Real Estate Commission – The commission paid to a real estate company by far makes up the bulk of the seller’s closing costs. Since commissions are negotiable, they can vary from 5% to 7%.
Owner’s Title Insurance–A title insurance policy assures the buyer that the title to the property is free-and-clear and that the seller can in fact legally sell their home.
The party responsible for handling the cost of title insurance, varies from State to State and from one county to another and it can often be negotiated in the contract.
REAL ESTATE TRANSFER TAXES– Real estate transfer taxes are taxes imposed on the transfer of title of real property. In most cases it is an ad valorem tax that is based on the value of the property transferred. The party responsible for the taxes may be stipulated in state statutes.
Attorney Fees– Many States do not require a seller to involve an attorney in a real estate sales transaction. Nonetheless, you may decide that’s in your best interest to retain a lawyer to represent your interests in the sale of your home. This can cost you from $500 to $1,500 depending on the complexity of the transaction.
Loan Payoff– Included in your mortgage payoff will be the interest that you owe from your last payment to the day of closing. Keep in mind that unlike rent payments which are usually paid in advance on the first of the month, mortgage payments are made at the end of the month. A safe bet is to count on paying a one-month mortgage payment as accrued interest in addition to your mortgage loan balance.
Prepayment Penalty– You may have to pay a prepayment penalty for canceling your mortgage before its scheduled payoff date. A prepayment penalty could be equal to 3 to 5 months of your mortgage payments.
Prorated Expenses– These include expenses that you are responsible to pay and may not have canceled during the time you were living in the home. They usually include property taxes and homeowners’ association dues.
Buyer Credits– Buyer’s credits are monetary concessions from the seller to the buyer to cover costs such as Home Warranty, termite remediation, credits for repairs.
Home Preparations Costs– Though they are not technically closing costs and won’t appear on your closing statement. They should be taken into account since they reduce the amount of profit you’ll receive when selling your home. Depending on the condition of your house these costs could add up quickly.
- Cleaning and Painting- In order for your home to stand out you will need to thoroughly clean your house and paint those rooms that have faded or scuffed walls. If you do not have the time you may need to hire someone to do the work for you.
- Repairs– Repairs are unavoidable, even if you want to skimp there will be basic repairs you will have to make before putting your home on the market.
- Home Staging- Though you may not want to spend thousands of dollars to stage your home, declutter your home and replace old or broken fixtures.
Would you like to sell your Lakeland house and eliminate most of your seller closing costs?
You can avoid paying commissions, real estate fees and home preparation costs by selling your home directly to Lakeland Home Buyers . There are no fees for our service. We will not charge you a penny, guaranteed.
Sell your Lakeland, Florida house to us in just one day and close in as fast. This way you’ll eliminate the need to hire an agent and put up with the uncertainty of finding a buyer.
We’ll buy your house as-is no matter its condition to help you avoid the headaches of bank appraisals, lengthy home inspections and mortgage loan approvals. All the while guiding you through the entire sales process, to make the sale smooth and worry-free.
Call Lakeland Home Buyers at 863-372-8937 to get a top-dollar cash offer today. Count on us to understand your needs, provide solutions to your problems and deliver exceptional service.
For a quick reference see a full infographic of the 9 Customary Seller Closing Costs Lakeland, Florida
Additional Tips And Resources To Understanding the Closing Costs for a Seller in Florida
- Seller Closing Cost Calculator via mortgagecalculator.org
- Summary of Real Estate Transfer Taxes By State
- What added benefits can an attorney bring to the closing table via Jennifer Peshke
- Understanding Title Insurance via nat.com