Real estate transactions that take place in Florida are governed by rules that spell out which fees are to be paid by Sellers and Buyers. Sellers, in Palm Beach County, are customarily responsible for title insurance unless the property is new construction. As a seller, you may negotiate with the buyer to have him pay the Title Insurance; however, if he does not agree, you are responsible. In addition, Sellers must pay the Documentary Stamp Tax explained below.
A State Documentary Stamp Tax on Deeds is a one-time tax on the deed of sale. It is assessed at $.70 for each $100 of the full purchase price, no matter how it is financed, including any fraction of $100. The deed cannot be recorded until this stamp tax has been paid, and Florida law requires that the Seller deliver a recordable deed in order to complete the transaction.
Property Taxes—In Palm Beach County, property taxes are paid in arrears (at the end of the tax year, October 31). As the Seller, you will see a pro-rated debit for these taxes on your closing statement based on the number of days you owned the property. The Buyer, in turn, will receive a credit for these taxes on his closing statement.
Closing a real estate transaction is a complex and involved process. As your agent, I will make sure that you understand every item on your closing HUD statement before the final transfer of property occurs. If you would like more information on selling property in Palm Beach County, feel free to contact me at laura@FLoridaOnYourMind.com or 561.352.5214.
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