Serving South Florida
Areas of Eastern
Fort Lauderdale
and the Beach
NOW INTRODUCING
Equity Sharing
Home Ownership for
The 21st Century
Knowledge is the Map to Greater Wealth,
Real Estate is the Easiest Path.
Leveraging through Financing will take you on that Path the Quickest!

Home Sellers Interactive System

Hello, I'm Your Virtual Real Estate Agent™

Just Call Me Virtual

Determining Sellers Proceeds

We know that most sellers want to know how much they will net at the closing. There are two reasons we cannot give you exact figures at this time.

1st. Each transaction has different circumstances of exactly what is required to close the deal. A Condominium requires different requirements from Single Family homes, a rental property requires additional steps etc.

2nd. Everything is negotiable in the contract. The decision of who pays which cost can be different on each transaction. However the standard practice in this area usually prevails.

The positive here is that we can provide you with a good estimate of the cost.

Standard Practice Costs

Each area has standard practices of who pays which closing cost. The following is a list of costs which a seller usually pays. Most of these are in the contract which is used most often in Broward County.

  1. Existing Mortgages
  2. Commissions
  3. Attorney Fees (If you use one)
  4. Prorated Property Tax for the portion of the year before the closing
  5. Title Closing cost associated with providing a Marketable Title. Abstracting to search for any claims against Title, cost of obtaining payoff and estoppel letters, cost to handle any clouds on title and the State Doc. Tax on Deed.
  6. Also there is a charge for Document Prep. The seller pays for any such fees for documents associated with the Title or deed.
  7. Cost associated with the document delivery, i.e. Postage.
  8. Wire transfer fees as applicable

Approximate amounts or Percentage

  1. Mortgage amount plus any prepayment penalties
  2. Commissions usually 6 % Split between the Listing and Selling Agents
  3. Attorney Fees-- anyone's guess (-:
  4. Property Tax--You will usually already know how much your tax is for the current year. You can easily get very close to the amount you will owe by dividing the total by 12 and then multiply times the number of months from Jan. to closing date. At this point I like to just add the full month of the closing so you will not be surprised.
  5. The rest of the cost will be different for each transaction. For an average closing without problems with the title, a figure of $1000 for this portion is more than adequate for everything except the State Doc. Stamp. Please understand that this figure is not exact in any way but just a good rule of thumb. Most will be lower but there is always a possibility of being higher.
  6. State Doc. Stamp Tax $.70 for every $100 of Sale Price or fraction there of. Take your sales price and divide by 100, multiply by .7 Don't forget the fraction there of.
    If your price is $100,110
    100110 ÷ 100 =101.1 there is a fraction so add 1
    101+1=102 x .70 = 71.40
    Your Tax $71.40

We hope you have a good understanding of the Process of Selling Residential Real Estate. Our Human Agents are Ready, Willing and Able to help you sell your property as Quickly as Possible for the Highest Price the Market will Bear.

We look forward to working with you.

Call us at:
954-566-3225

Specific Questions
Use this link for answers to your questions by email.

Free Market Analysis.
This will provide you with a good Idea of Your Value.

Detailed Market Analysis.
When You are ready to list your property with Us.