Typical SELLER Closing COSTS
Seller Document Preparation
The Seller's Closing Documents are prepared by the Title Company, or an Attorney and prices vary based on the specifics of the transaction but typically range from $800 - $2,000.
Property Taxes
Property taxes are paid in arrears (at the end of the year) and the seller is charged for their prorated share of that year’s property taxes.
Title & Lien Search
The title search looks at the chain of title for any defects (liens, judgments, etc...) and confirms the seller is the true owner of the property. A municipal lien search looks for code violations, water and sewer unpaid balances and open or expired permits. Total cost may run about $1,500 depending on the complexity.
Documentary Stamps
This is a government charged transfer tax, often called doc stamps. In Miami-Dade County the tax is $0.60 cents per $100 of the sale price and an additional local surtax of $0.45 per $100 of the sale price for commercial properties. (Calculate by multiplying the Sale Price x .0105)
Real Estate Broker Commission
Commission is calculated as a percentage of the total sale price of the property and while it’s illegal due to anti-trust laws to set a market or industry-wide standards for Real Estate commission percentages, most commercial Real Estate transaction commissions range from 6-10%.
