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The cost of selling your property

SHELDON PALEY
Contributing Columnist
paley@lbknews.com

What costs are associated with the sale of the property?

All costs in selling your home can and should be established and understood long before the closing table. At closing, taxes you have paid will be prorated and credited to you. Conversely, the final payoff is affected by any loans or liens on the property. If you are selling a condo, there will be Homeowner Association or condo estoppel fees. There are Documentary stamp taxes and surtaxes on the deed (70 cents for each $100,000 of the sales price).

In addition, any fees associated with any survey or title problems are the responsibility of the seller. There may be attorney fees if you elect to have legal representation. It must be noted that some fees are negotiable with title and closing fees providing room for negotiation between the buyer and the seller. These are things to discuss with your agent.

The realtor commission is typically 6% of the sale price and is divided between the seller’s agent and the buyer’s agent and their respective real estate companies. In general, there should be an attorney retained to advise you. Your realtor and attorney will provide full information related to both required and negotiable costs once the sale price has been established.

Sheldon Paley, a resident of Longboat Key for 20 years and a realtor for 13 years, is affiliated with Premier Sotheby’s International Realty. Prior to moving to Longboat Key, Paley attended Ohio State University; U of Pennsylvania School of Dentistry and Harvard Medical School for 18 months for a degree in Implantation.

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