Understanding closing costs is crucial when buying or selling a home in Florida. While these expenses are a necessary part of any real estate transaction, knowing who pays what can help you better prepare for your home sale or purchase. In this blog post, Ocala real estate expert Scott Coldwell discusses the breakdown of closing costs in Florida and what you can expect during your real estate transaction.
Key Takeaways:
- Sellers typically pay 8-10% of the home’s sale price in closing costs
- Buyers usually cover 2-5% of the purchase price in closing costs
- Many closing costs are negotiable between buyers and sellers
- Working with an experienced realtor can help you navigate closing costs effectively
What Sellers Pay in Florida Closing Costs
In Florida, sellers generally shoulder a larger portion of closing costs. Here’s what sellers typically pay:
- Real Estate Agent Commissions (5-6% of sale price)
- Documentary Stamp Tax on the Deed
- Outstanding Property Taxes and HOA Fees
- Title Insurance for the Buyer (in most Florida counties)
- Property Lien Search Fees
- Mortgage Payoff and Any Prepayment Penalties
- Home Warranty (if offered as a selling incentive)
What Buyers Pay in Florida Closing Costs
Buyers in Florida have their own set of closing costs to consider:
- Loan Origination Fees
- Credit Report and Application Fees
- Appraisal Fees
- Home Inspection Fees
- Survey Fees
- Title Search Fees
- Recording Fees
- Settlement/Closing Fees
- Prepaid Property Taxes and Insurance
- Private Mortgage Insurance (PMI) if applicable
Negotiable Closing Costs
Many closing costs can be negotiated between buyers and sellers, especially in a competitive market. Some commonly negotiated items include:
- Title Insurance (varies by county)
- Settlement Fees
- Home Warranty Coverage
- Property Survey Costs
- Pest Inspection Fees
“In today’s complex real estate market, understanding closing costs is crucial for both buyers and sellers. Our team’s experience shows that proper preparation and negotiation of closing costs can often save our clients thousands of dollars on their transactions.” – Scott Coldwell, Ocala Real Estate Expert
Why Choose Scott Coldwell for Your Real Estate Needs
With over 19 years of experience in the real estate industry, Scott Coldwell leads one of Ocala’s most successful real estate teams. His expertise is demonstrated through:
- Successfully selling over 500 homes annually in North Central Florida
- Leading a team of 20+ top-performing agents
- Maintaining a database of 8,276+ pre-qualified buyers
- Selling homes 48% faster than other local realtors
- Consistently achieving 100% of asking price, often with an additional 2.4% premium
Your Home Sold Guaranteed Realty - Coldwell Real Estate Services stands behind their work with industry-leading guarantees:
- Guaranteed Sale Program
- Move Up Guarantee
- Seller Cancellation Guarantee
- “You Will Love Your New Home or I’ll Buy It Back” Guarantee
Get Expert Help with Your Real Estate Transaction
When it comes to navigating closing costs and ensuring a smooth real estate transaction, experience matters. Call or text Scott Coldwell at 352-290-3512 today to work with a team that consistently delivers results and puts their clients first. Whether you’re buying or selling, we’ll help you understand your closing costs and guide you through every step of the process.
Frequently Asked Question
Yes, in many cases, buyers can roll their closing costs into their mortgage, depending on the loan type and lender requirements. FHA, VA, and conventional loans often allow buyers to finance some closing costs as part of the loan. However, this will increase your loan amount and monthly payments. Our team can help you explore the best options for handling closing costs based on your specific situation.
