Jason R. Rubin is an entrepreneur, real estate investor and real estate attorney based in South Florida. He specializes in handling complex real estate matters and advises investors on strategies that help mitigate risk and maximize returns. In addition, Jason serves as Chief Development Officer for Richr, a real estate PropTech/FinTech startup dedicated to creating a more streamlined, equitable, and all-inclusive real estate buying and selling experience. Mr. Rubin holds a Bachelor’s Degree in Business Administration from The George Washington University and also holds a Juris Doctor Degree from Nova Southeastern University’s School of Law.
A question we are often asked is what are the common costs of buying or selling a home? We have prepared this quick overview to help you.
Some of the common costs associated with buying and selling a home are:
Brokerage commission: typically 2-3% of the sales price of the property for the listing (Seller’s Agent) and 2-3% of the sales price to the Selling Agent (Buyer’s Agent). Fees are always negotiable and can vary depending on property price, and whether or not it is a commercial or residential property. Feel free to consult our office before signing an agreement with your real estate agent!
Title Insurance: Traditionally paid for by the buyer in Miami-Dade and Broward Counties, title insurance insures the buyer (and sometimes lender if a loan policy is purchased) against encumbrances and “clouds on title”. The State of Florida has set promulgated rates for the purchase of title insurance that can be found below
The premium for the original owner’s or for leasehold insurance shall be:
|From $0 to $100,000 of liability written||$5.75||30%|
|From $100,000 to $1 million, add||$5.00||30%|
|Over $1 million and up to $5 million, add||$2.50||35%|
|Over $5 million and up to $10 million, add||$2.25||40%|
|Over $10 million, add||$2.00||40%|
Under certain circumstances a “Reissue Rate” is available The reissue premium charge for owner’s, mortgage, and leasehold title insurance policies shall be:
|Up to $100,000 of liability written||$3.30|
|Over $100,000 and up to $1 million, add||$3.00|
|Over $1 million and up to $10 million, add||$2.00|
|Over $10 million, add||$1.50|