Sunday, March 4, 2012

Closing Costs in Sarasota

I get a lot of hits on my website about real estate closing costs in Sarasota.

Are any costs negotiable?

The state of Florida imposes taxes on both buyers (both US citizens and foreign nationals) and sellers of real estate.  For buyers, there is the intangible tax on mortgage and doc stamps on mortgage.  Along with the owner's title policy, these three items make up the largest portion of the overall buyer's closing costs.

Buyers should be prepared for additional fees such as a home inspection, termite inspection, mold inspection, well or water testing, septic tank inspection, home or condo association application fee, and various recording and administrative fees.

In our area, many of the large franchise real estate companies, like Coldwell Banker, charge the buyer a fee of $250-$350 at closing.  This is a junk fee, and goes straight to the bottom line of the brokerage.  Buyers should NOT have to pay any fee for a Realtor to represent them in a transaction.  

Sellers are subject to a doc stamp tax on the deed, which are paid from seller's funds at closing.  Combined with the fees a seller pays to a real estate agent, these constitute the bulk of the seller's closing costs.

In a short sale or foreclosure, the seller's lender often agrees to select and pay for the closing agent or attorney, the closing agent fee, and the owner's title policy.  In a traditional sale, these fees are usually paid by the buyer.

You can view a closing cost calculator and more information on my website:  www.davidbarrhomes.com/closing_costs_sarasota

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