The cost of selling a property in Miami depends on the sale price, mortgage balance, property type, contract terms, association requirements and negotiated expenses.
Before accepting an offer, sellers should request an estimated net sheet showing the expected sale proceeds after applicable costs.
Depending on the property and contract, seller expenses may include:
The purchase contract determines which party is responsible for many transaction expenses.
The closing or title company normally requests an official payoff statement from the lender. The payoff may include the remaining principal, accrued interest and applicable fees.
Recorded liens, unpaid taxes, judgments or home-equity balances may also need to be resolved before clear title can be transferred.
Florida imposes documentary stamp tax on deeds that transfer an interest in real property. The amount is based on the consideration for the transfer, and Miami-Dade County has specific rules depending on the property type.
The title company or closing attorney calculates the applicable amount for the transaction.
Property taxes are generally prorated according to the closing date and contract terms.
For condominiums and communities with homeowners associations, sellers should confirm:
After an inspection, the parties may negotiate repairs, price adjustments or closing-cost credits. The seller’s responsibility depends on the contract, inspection findings and negotiated terms.
Sellers should evaluate the cost of the requested concession and its effect on their estimated net proceeds.
An estimated seller net sheet starts with the expected sale price and subtracts mortgage payoffs, taxes, commissions, closing expenses, association charges and other anticipated costs.
The estimate should be updated when the sale price, closing date or contract terms change.
Ana Herrera Untoria, Broker Associate with Interinvestments Realty, helps Miami and South Florida property owners evaluate pricing, selling expenses and estimated proceeds before listing or accepting an offer.
Call or text 786-838-9042 for a confidential consultation.
