How Much Are Sellers Closing Costs In Jacksonville Florida
Link to Sellers Closing Cost Calculator ==> http://www.anytimeestimate.com/SELLER-CLOSING-COSTS/fl-home-seller.htm
In the video above I’m going to show you how you can estimate your seller’s closing costs, because I get a lot of questions from sellers on closing costs and, but first I just want to say, I want to preface by saying that if you are considering selling your property to us, BG Home Solutions, then seller’s closing costs are not something that you have to worry about because we pay the seller’s closing costs when we purchase your property.
So that would be something that you would not have to worry about, but if you’re still trying to figure out what you want to do with your property, you haven’t decided how you’re going to sell it yet, this video above is going to be really helpful because it’s going to let you know what are closing costs and how you can figure them out.
I’m going to show you a quick calculator so you can calculate them yourself, and then this way when you’re sitting at the closing table you’ll have a good idea of what to expect, you’ll have a very good understanding of what your going to net so they’ll be no confusion at closing.
What Are Closing Costs?
OK, so first, what are closing costs? Well, closing costs are fees that are charged as a direct result of selling your property or your home, and your typical closing costs are going to be your title searches, your title insurance, surveys, recording fees, wire fees, your state transfer taxes, they’re also called Doc stamps in Florida. If you’re buying a home, if you’re the buyer they can include your loan origination fees, any discount points, appraisal fees, the credit report charges. Now for the purpose of this video we’re just going to stick with the seller’s closing costs, we can do the buyers another time.
What Are Not Considered Closing Costs
What are not considered closing costs, so any of your property taxes, your state taxes, your county taxes, any municipal or utility fees, your HOA or your condo fees are not considered closing costs, and the reason why they’re not considered closing costs is because these are charges that you are going to have to pay anyway regardless of whether you sold your home or not, OK and that is the main difference, but what will happen with these charges is that they get prorated to the day of closing, so if you paid in advance, you’re going to get a credit back at closing to that day, and if you paid in arrears, then it would be a debit to you at closing. Now liens against a property are not consider closing costs of course, like your mortgages or any other kind of liens against your property, that is also not considered a closing cost.
Who Actually Pays Closing Costs?
So who actually pays closing costs? Well generally in most of Florida and in Jacksonville for sure, Duval and Clay Counties, its customary that the seller pays the closing costs, and because the seller is paying, he or she will usually get to choose the title company, so sometimes when the buyer will offer to pay the closing costs, they’ll generally ask to choose the title company which is fair, they’re paying right? Now there are some exceptions, there are a few counties that I believe, I’ve looked it up, I’m not sure all the counties, but I believe that the buyer pays the closing costs in these counties, I think Sarasota, Collier Miami-Dade and Broward, at least that’s what was said when I googled it, but for the most part we’re really just concentrating on the Jacksonville Florida and surrounding areas.
So How Much Are Typical Closing Cost Fees?
Let’s talk about closing cost fees real quick, you’re closing fee, this is what the title company is going to charge you, generally it is anywhere from $295 to $350, it can be a little bit more, especially if it’s going to be an attorney’s office, sometimes it goes up to $500.
Your title search, that’s for them to search the title, it’s going to be $180 to $200 generally speaking. Deed stamps, which is your transfer taxes, they charge seven dollars per one thousand dollars of the sales price, so if the property was one hundred thousand dollars, then it’s going to cost $700 for the deed stamps.
Your recording fee is $10 a page, wire fees or courier, your wire fees are $25-$30 generally, courier fees anywhere from $15 to $30, that’s like your Fed Ex.
Your survey is not necessarily always a seller’s closing cost, a lot of times they do end up paying it but that is something that you can negotiate if the buyer is going to ask for a survey, and a lot of times if they’re getting a loan and it’s not a cash deal, then they’re the bank is going to require that they get a survey and they’re going to ask you to pay for it, and that can be anywhere from $300 to $350.
Then you have a title policy which generally in most of the title companies in this area, I don’t even know any that don’t charge this rate of $5.75 per one thousand of the sales price, that’s up to one hundred thousand and then after a hundred thousand it drops down to $5 per thousand, and I’m going to show you how that all works on this calculator right here.
How To Use The Closing Cost Calculator
So let’s plug it in here your sales price, let’s just say it’s one hundred thousand OK? And let’s go through the closing fees here, OK you can leave it on other counties for Jacksonville area, for Duval, Clay County, St Johns, the only other choice they have here is Miami-Dade, which is going to be slightly different than here, so just keep it on other counties and your closing fee member, we said about $350.
You can get a list of the fees from the closing company if you want the exact amount, if you know who the title company is, you can get a list of fees, but generally speaking it’s going to be somewhere about $350, there’s your doc stamps that we talked about, $700, its $7 per thousand, each thousand, a home warranty is generally a closing cost but that’s, you know, that’s negotiable, it’s optional if you choose to pay the home warranty.
It’s not really a standard closing costs and you can plug in your mortgage payoff here, again not considered a closing cost but if you want to figure out what you’re going to net on your statement sheet and then you want to plug in what your pay off is going to be.
Then you’ve got your overnight mail, your courier service is $30, like FedEx Or UPS, and then you have a Realtor’s Commission which is, if you’re selling your property the standard way through a realtor, you can pay up to six percent which is $6000, some charge a flat fee but most do not, most will charge a percentage.
Then if there’s any sellers assist, again these are not your standard closing costs and they certainly aren’t, you know closing costs with our company, but these are just if you’re selling it and the person needs to get a loan, they may need some assistance with their closing costs and that’s what this is, and generally, they will ask for a certain percentage and that would be on your purchase agreement that you’ve agreed to, and that could be anywhere from, generally, like 2-6%, depending on what their mortgage company is going to allow them to get assistance for.
Next, you have your satisfaction of mortgage, that’s really just the recording fee, about $20 for that. Your title examination, a lot of times companies will lump this in with the title search, but here they have $75, plug that in there.
Your title insurance, remember we said $5.75 per one thousand, and there you go and then it dropped down, we only did one hundred thousand so, but it drops down to five dollars for every thousand and over one hundred thousand.
Then your title search is $85, and then a wire, for you to wire if you get your funds wired directly into your bank account then they would charge you about $30 or so.
OK, and then you can see with all that numbers plugged in, with the typical seller’s closing cost plugged in, your net is going to be about ninety-two thousand, one hundred thirty-five dollars.
This is a great little calculator you can also put in your known payoffs or any additional settlement charges that you think you might have, but this is a real quick way just to get an estimate to see what you could, you know, possibly net at closing.
So, I hope this video is really helpful for you. If you have any questions or your looking for a hassle free alternative to selling your house in Jacksonville Fl, please call or text me at 904-712-3300.