Orlando Real Estate Blog
April 22, 2015
Unless you’re a savvy real estate agent or have sold a home before, it’s not always clear what costs are associated with selling your home in Florida. Here’s a quick overview;
First Things First
The biggest cost in selling your home, assuming you don’t own it outright, is paying off the remaining balance on your loan. Make sure you get with your lender to understand what you still owe before deciding how much to sell your home for, as it may impact your asking price.
Commissions Paid to a Florida Real Estate Agent
This could be one of the biggest costs, as its tied to the selling price of your home. One thing to remember is that commissions are not a fixed amount. They fluctuate from one company to the next, and are completely negotiable. Typically, commissions can be anywhere from 4% to 7%. make sure to find out exactly what the agent will be handling before deciding on an appropriate commission.
Fees Paid to a Florida Title Company
These fees can include some of the following things:
- Title search fees
- Lien search fees
- Settlement fees
- Filing fees
These fees should typically cost less than $500.
Most of the time, it’s customary for the seller to handle the cost associated with the buyer’s title insurance policy. An owner’s policy is then issued for the amount of the purchase price of the home and insures the ownership of the home for the benefit of the current owner for as long as they own the property.
Documentary Stamps on the Deed
This is the tax applied to the deed when selling a home. This comes straight from the state of Florida whenever home ownership is transfered. This stamp tax is .7% of the transfer of deed. In Florida, the default is for the closing costs to be covered by the seller.
Real Estate Property Taxes
Yet another cost the seller is responsible for are the Florida property taxes. As this typically is paid on an annual basis, the amount you pay will be prorated from the beginning of the year.
So when you’re ready to get sell your home, just make sure you consider the various costs. Or call us, that’s way easier!
March 18, 2015
In this edition of Neighborhood Watch, we cover all directions (North, South, East and West) to highlight Orlando’s hottest neighborhoods for home buying. If you’re ready to settle down, check out these hot spots!
While Lake Mary sits at the very north end of town, Winter Park is just north enough of Downtown to land on our list. With all of its old Florida charm, Park Ave still remains one of O-Town’s hottest spots for dining and shopping. Oak trees, trendy boutiques and Rollins College are just the start. Winter Park is covered with spanish moss and highlighted by its chain of lakes. Art, culture, education and nature, Winter Park has it all!
One of the hottest up and coming ‘hoods in town is Lake Nona. Homes here range from upscale luxury to affordable and modest. Even UCF has set its footprint here developing a new medical school. New editions include a veterans hospital and technology office park which should be popping up soon, and sure to help increase home values in Lake Nona.
The east side is unmistakably dominated by the presence of the University of Central Florida. Knight fans have often bought homes in east Orlando after finishing up with school. What’s great about buying a home here is that there is an ever growing market for rentals by students moving into the area. With road names like Dean Rd and University Ave, its no question who runs this side of town.
The west side also has its identity, rooted in tourism supported by various theme parks such as Disney World and Universal Studios. The number one place for residents looking for that quaint neighborhood experience is Celebration, FL. Some might call it cookie-cutter, others call it predictable. Any way you look at it, its BEAUTIFUL here! If you work in hospitality and want that short commute to work, buying a home in Celebration is the right move!