What Will I Walk Away With When I Sell?

Knowing what your home is worth is only half the answer. What most sellers really want to know is what they'll have left after the sale closes. On the Treasure Coast, that number depends on your sale price, your mortgage payoff, the costs of selling and a few Florida-specific items. Here's how it adds up.

The basic math

Sale price minus mortgage and lien payoffs minus costs of selling minus credits to the buyer = what you walk away with.

Common costs of selling in Florida

• Real estate commissions. Commissions are negotiable and are set in your listing agreement. Wayne will explain his fees and options up front.
• Documentary stamp tax on the deed. Florida charges $0.70 per $100 of the sale price on the deed in every county except Miami-Dade. In most contracts the seller pays it.
• Title insurance and closing fees. Who pays for the owner's title policy and settlement fees depends on the contract and local custom. Wayne will show you what's typical for your county.
• Mortgage payoff. Your payoff is your loan balance plus interest to the payoff date, and sometimes small lender fees. Home equity loans and lines of credit are paid off too.
• Prorated property taxes. Florida property taxes are paid at the end of the year, so at closing you credit the buyer for the part of the year you owned the home.
• Association costs. If you're in a condo or HOA, expect an estoppel certificate fee and any unpaid dues or special assessments to be settled at closing.
• Repairs and credits. Anything you agree to fix or credit after the buyer's inspection comes out of your proceeds. Selling as-is can limit this.

A quick example: doc stamps

When the numbers are tight

If you owe close to what the home is worth, or more, you still have options. Wayne has handled short sales and distressed sales since 2008. See behind on your mortgage? your options. Selling an inherited home? Probate and estate costs can affect the timing and the net. See selling an inherited home in Martin County.

Common questions

Who pays closing costs in Florida, the buyer or the seller?
Both pay some. The contract decides who pays what, and some items follow local custom. Your net sheet shows your share line by line.

How accurate is a net sheet?
It's an estimate. The final numbers come from the title company's settlement statement just before closing, after your payoff and prorations are confirmed.

Do I owe tax on the profit?
It depends on how long you owned and lived in the home and on your situation. Ask a tax professional before you list.

This page is general information, not legal or tax advice. Tax rates and customs can change. Wayne Gebhardt is a licensed real estate broker, not an attorney or tax advisor.