CLOSING COSTS IN VENICE
Venice FL closing costs are a combination of negotiable items and Florida taxes.
BUYER'S CLOSING COSTS
Owner's Title Insurance: This varies based on sales price of the property. The rate is cumulative up to the purchase price of the home:
Up to $100,000: $5.75 per $1000 of purchase price;
$100,000 to $1 million: $5.25 per $1000 of purchase price;
Over $1 million to $5 million: $5.075 per $1000 of purchase price;
Over $5 million to $10 million: $2.25 per $1000 of purchase price;
Over $10 million: $2.00 per $1000 of purchase price.
Doc Stamps on Mortgage (or Note): This is a state tax that is calculated on the loaned amount of your purchase, at a rate of 35 cents per $100 of mortgage amount.
Intangible Tax on Mortgage (or Note): This is another state tax which is paid at closing, at a rate of 20 cents per $100 of mortgage amount. Cash buyers do not pay intangible tax.
Mortgage costs such as origination fees will appear on your settlement statement as a buyer's cost to be paid at closing. There may also be additional fees, such as doc prep ($75-$150), recording fees ($25-$50), and title search fees ($200-$300).
Buyers will receive a credit on the settlement statement for the seller's portion of the annual property taxes, if the closing occurs before November 1. The buyer is responsible for paying the full tax bill for the current calendar year.The items in the "other costs" box to the right are typical buyer's costs, usually paid outside of closing. Not all of the inspections listed may be necessary depending on the individual property.
SELLER'S CLOSING COSTS
Doc Stamps on Deed: This tax is calculated as the result of 70 cents on every $100 of sales price.
As part of the negotiation with the buyer, you may decide to agree to pay for some of the traditional buyer's closing costs. The information for buyers would apply to you as a seller if those fees/costs were negotiated as part of your purchase contract.Title agent or attorney closing costs range in price from $300 to $500.
Additional fees may be incurred for financing or other legal agreements that are added to the normal purchase and sales transaction.
Property Taxes: If the closing occurs before November 1, you as the seller will be charged at closing for your portion of the annual property tax amount. This will be applied as a credit to the buyer on the settlement statement. The buyer will then be responsible for paying the entire property tax if they take possession before November 1.
Broker Compensation: The compensation a seller pays to real estate agents is part of the seller's closing costs. Broker compensation is negotiable, and is itemized on the settlement statement. Broker compensation typically comes from seller's proceeds at closing from the sale of the property.
Selling your Venice, FL area property? Click here to read about my services and expertise to sell your Venice, FL home or condo.
Watch my Facebook Live session about Florida closing costs:
ESTIMATE YOUR CLOSING COSTS: GET A NET SHEET
If all of this looks complicated, let me help you calculate your net proceeds on the sale of your Venice FL real estate, or how much you will need in cash to purchase a Venice FL home.
Buyers, estimate the purchase price and the amount of your down payment.
Sellers, estimate your selling price. The spreadsheet I will return to you will include the most common selling expenses for your estimated net proceeds.