I hate to waste anyone's time but I cannot figure this out. How do closing costs work in Florida when buying and selling with cash?
If I buy a property through my realtor for cash, flip it, and sell it to a buyer with their own purchasing agent how much commision will I pay on both sides?
I believe I will pay 3% on purchase but I am not sure about closing.
Thank you for any insight.
As for commissions, they are paid in full by the seller, Unless you use a realtor to help with a fsbo purchase, then you's pay them on your side. As for closing costs, In most counties, the seller generally pays for title insurance (0.55% of price) doc stamps (0.7%) title search and misc. so, seller=1.25% plus $600-$1,000. The buyer for closing costs, $400-$600, excluding any financing items, prepaid insurance, taxes, survey if desired.
so 4-6 hundred when i buy and 1.25% + 1000 when i sell it?
If you do a search for "Florida Closing Costs Calculator" you'll get several title co's who have an online tool. Here is one: http://www.setcoservices.com/cost_calculator.htm
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