Whether you are buying or selling a home in Wellington Florida there will be costs associated with doing so. While a few of these fees may be negotiable a majority of them are not and third party fees, such as the settlement or closing fee, will always vary depending on the closing agency.
So how much will it cost to sell your Wellington home?
Below is a list of the different fees you can expect to pay when selling your home.
Settlement or Closing Fee:
Some Wellington home sellers will use a title company while others will choose to hire an attorney for closing their real estate transaction. The settlement or closing fee is a third party fee that will vary from business to business, but in my experience the cost is between $400 and $1,000.
Abstract Title Search:
This is another third party fee that will vary, but in my experience is between $150 and $250.
In order to provide clear title a lien search must be done and the cost will once again vary from business to business, in my experience the cost is between $135 and $300.
Title Insurance is a set fee based on the sales price of your home and in Palm Beach County it is customary for sellers to pay this fee, but this fee can always be negotiated with the buyer. Title insurance for a $200,000 home will have a rate of $1,075 and a $400,000 home will have a rate of $2,075.
State Tax/ Stamps (Doc Stamps):
This is another set fee based on the sales price of your home. Doc Stamps on a $200,000 home will have a rate of $1,400 while a $400,000 home will have a rate of $2,800.
Real Estate Commission:
In most cases the real estate commission will be a percentage of the sales price, but occasionally it may be a flat fee. Your listing agreement will specify how much the real estate commission is, how/if it will be split with cooperating brokers and the amount of commission they will receive.
Real Estate Transaction Fee:
Some brokerages will charge a transaction fee also commonly called a processing fee, compliance fee or admin fee. These fees will vary from brokerage to brokerage, but the norm I often see is between $300 to $500.
If your home belongs to a homeowners association or condo association you will most likely be charged a HOA estoppel fee, which will be required by the closing agent and let’s them know whether or not you are in good standing with the association. In my experience this fee is between $50 to $500. (Please note the HOA estoppel is separate from the HOA application process, which most home buyers will have to go through).
Depending on your closing date you will either give a credit or receive a credit for real estate property taxes and HOA dues.
These type of fees typically include recording fees, mailing and wiring expenses.
If you would like to know how much your Wellington home is worth and/or what your estimated closing costs will be call or e-mail us today. We will be more than happy to provide you with a full CMA (Comparative Market Analysis) for your home and based on the market value provide you with an estimated net sheet.
Are you ready to list your Wellington home for sale? We would love the opportunity to not only list your Wellington home for sale, but also sell it for top dollar! You can check out just some of the marketing we do @ Marketing your Wellington Home and read what past clients have to say about our listing service @ Michelle Gibson, Wellington Listing Agent.
*Please note all of the fees listed above are an estimate and may change at anytime without notice.