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Who Pays When Selling Land In Florida

Planning to sell land in Florida might lead you to ponder a common query: who really bears the costs in such transactions? The answer might surprise you. Commonly, selling land is perceived as simply exchanging the deed for payment. Initially, it seems straightforward – the buyer pays the seller. However, the reality of who pays when selling land in Florida is quite different and unexpected.

In this article, we’ll reveal the surprising answer.

Who Pays When Selling Land surveying

As a seller, you’ll encounter initial expenses. Costs such as land surveys, site analyses, or geological assessments to ascertain your property’s potential are typically your responsibility. Furthermore, when you engage a real estate agent, additional costs arise. During the period your agent searches for a buyer, you’re responsible for ongoing expenses like mortgages, utility bills, taxes, and insurance.

Upon finding a buyer, the process involves collaborating with legal professionals, title companies, and possibly others to manage the paperwork – costs that you, as the seller, will bear. Once the sale concludes, you’ll receive the property’s selling price, but this is after settling any mortgages and liens. The source of this payment might be the buyer directly or their lender if they require a mortgage.

Some additional expenses that need to be considered are back property taxes or the current year’s property taxes. If those haven’t been paid, then they will come out of the purchase price. Another potential expense that is common with land sales is Homeowners/Property Association dues which can be quite steep. They will often charge a monthly fee and even sometimes a transfer fee when the property is sold. Depending on the price of the property, these fees can mean you might have to SPEND money to sell the property (if the outstanding debts/liens/taxes/dues are more than the sales price).

Yet, your financial obligations don’t end here. You’ll also need to cover the real estate agent’s commission, typically coming out of your pocket. The average real estate agent for vacant land is anywhere from a flat fee of around $1,000 to up to 10% of the purchase price. This realization prompts the question: “Who pays when selling land in Florida?” The answer is multifaceted; while the seller incurs multiple expenses throughout, the buyer or their bank finalizes the payment only once.

Many sellers are reevaluating this traditional selling route, especially when upfront costs are hefty and out of pocket. While there’s a chance for a higher selling price, it’s not guaranteed, and the complexity of the process is daunting. That’s why an increasing number of sellers are opting for quicker, more straightforward methods, like accepting a fast cash offer and sidestepping the costly and intricate steps mentioned above. The ultimate decision is up to the seller on whether they want to spend money upfront in the hopes of making more money, or take an easier (but often lower) cash offer and move on.

If you want to sell land in Florida but don’t want to pay all those costs, why not just see how much we’ll pay for your land? Click here now and fill out the form or call our team at (239) 399-5800.

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