This is a novice question, so please forgive me. I am selling a property to an investor in Florida. The buyer had contacted me randomly and we negotiated the deal between ourselves. The buyer has his own lawyer for the closing.
They have asked me if I would like to also use his lawyer for the closing. The closing documents they’ve sent me mention $5000 in various fees. $600 of that is property taxes, which I understand. The remaining $4400, I do not understand why I’m required to pay.
I’ve read that I don’t even need to hire a lawyer to sell in the state of Florida. I have a good friend who is a real estate broker, so if I am to pay high amounts of money to anyone, then I would prefer to hire my agent friend.
Can anyone please offer me some clarification and recommendation about the above matter?
Hello again, @Nat C.....
Yeah, those fees sound like garbage.
“Typical” closing costs paid by seller in Dade, most counties:
Doc stamps 0.7% of sales price
Title insurance (title searches $300 including unrecorded city/county lien searches, usually paid by buyer typically) 0.55% of sales price
Settlement fee, average $400
Recording, misc fees up to about $200
Everything else are typically buyer costs.
@Nat C. - 2 things:
1. You should have an attorney represent your side, s/he will draw up your docs and review. It's not expensive and well worth it.
2. Feel free to send me the paperwork if you want me to take a peek. I'm a licensed agent and have seen tons of closing statements. Some fees could be legit while some could be junk.
@Nat C. Get your own lawyer or at least someone who is independent and you trust.
Thank you so much to everyone who took the time to reply. Special thanks to @Wayne Brooks who is always so incredibly generous with his time.
I am local. Feel free to reach out if you need any contacts such as a good attorney or title agent. It’d be a good idea if either an attorney or title agent reviewed your contract as well prior to signing anything.