How Much Will It Cost Me to Sell My Miami Home?
If you're thinking about selling your home in Miami, one of the first questions you might have is: How much is this going to cost me? It’s a fair question, and the answer depends on several factors. A good rule of thumb I share with my clients is to assume around 7% of the purchase price will go toward selling expenses. Let's break down what that includes:
1. Agent Commissions
This is typically the biggest expense when selling your home, and lately, it’s been a hot topic in the news. While commissions are always negotiable and there are no set numbers, historically, most transactions in Miami involve:
3% to the listing agent
3% to the buyer's agent
These fees cover the cost of marketing your home (and we do a LOT of marketing!), negotiating offers, coordinating the transaction, doc prep and storage for future reference, and ensuring everything runs smoothly from start to finish.
2. Documentary Stamps on the Deed
In Miami, sellers are responsible for paying the documentary stamp tax (commonly called “doc stamps”). This tax is calculated at $0.60 per $100 of the sale price.
For example:
Sale Price: $1,000,000
Doc Stamps Owed: $6,000
This is a standard fee and something to budget for when planning your sale.
3. Title Search & Lien Search
Sellers in Miami are responsible for paying for the title search and municipal lien search to ensure the property is free of legal issues.
Title Search: Typically capped at $200.
Lien Search: Generally ranges between $200 - $300, depending on the title company.
These searches protect both you and the buyer by confirming there are no outstanding claims on the property.
4. Wire Fees, Courier Fees, and Recording Fees
Every real estate transaction comes with some miscellaneous fees. On the seller’s side, these usually total around $200, covering things like wiring funds, courier services, and recording the sale with the county.
5. Seller’s Attorney
In Florida, the conveyance documents (the legal paperwork needed to transfer ownership) are typically prepared by an attorney hired by the seller. Alternatively, you can have the buyer’s title company handle this, but most sellers prefer to have their own legal representation.
Cost: Expect to pay between $900 - $1,500 for this service.
6. Mobile Notary (Optional)
If you can’t make it to your attorney’s office to sign closing documents, you can hire a mobile notary to come to you.
Cost: Typically between $250 - $400.
This is a convenient option if you’re out of town or have a tight schedule.
7. Other Seller Responsibilities
In addition to the fees listed above, there are a few other potential costs to keep in mind:
Paying off any outstanding mortgages or liens on the property.
Prorated real estate taxes: You may need to give the buyer a credit for property taxes, depending on the closing date.
These amounts vary based on your specific situation but are important to consider when budgeting for your sale.
The Bottom Line
Selling your Miami home comes with a variety of costs, but understanding them upfront helps you plan ahead and avoid surprises. On average, expect to spend around 7% of your home’s sale price on these expenses.
Of course, every situation is unique—if you’re thinking about selling and want a more tailored estimate, feel free to reach out! I’m always here to help guide you through the process and ensure you get the most out of your sale.