Are you wondering what you’ll actually take home when you sell in Coral Gables? You’re not alone. Between commissions, title costs, taxes, and payoffs, it can be hard to see the full picture. In this guide, you’ll learn the common seller closing costs in Miami‑Dade, how to estimate your net proceeds, and where local custom can shift who pays what. Let’s dive in.
Seller closing costs at a glance
When you sell, several line items reduce your gross sale price before you receive your funds. The largest and most common items include:
- Real estate commissions. Often about 5% to 6% of the sale price, set by your listing agreement and negotiable.
- Seller concessions. Credits to a buyer’s costs if negotiated. This can range from zero to several percent based on the offer and financing.
- Title and closing fees. In many South Florida deals, the seller pays for the owner’s title insurance policy plus settlement and document fees. The policy cost is price‑based and typically a fraction of a percent. Closing fees can run from a few hundred to a few thousand dollars depending on complexity.
- Documentary stamp tax and recording. Florida collects documentary stamp taxes on transfers. Exact amounts and customary payer vary by market and practice. Confirm current figures locally.
- Mortgage and lien payoffs. Your principal balance, interest through the payoff date, and any applicable prepayment or reconveyance fees.
- Property tax prorations. You usually credit the buyer for the portion of the year before closing. Amounts depend on the closing date and county tax calendar.
- HOA and condo items. Estoppel letters, transfer or capital contribution fees, and any unpaid dues are commonly settled at closing. Fees vary by association.
- Repairs or post‑inspection credits. Any agreed repairs or credits after inspections.
Coral Gables and Miami‑Dade customs
Local practice matters. In South Florida, including Coral Gables, it is common for sellers to provide the owner’s title insurance and standard closing costs, although this can shift by contract and market conditions. Documentary stamps and recording fees apply to deeds in Florida, and Miami‑Dade has county‑specific recording practices. Because rates and payer custom can change, verify with a local title company, the Miami‑Dade Clerk/Recorder, and the Florida Department of Revenue.
If you are selling a condo or a home in an association, plan for estoppel fees and potential transfer or capital contribution fees per the association’s documents. Coral Gables also includes historic districts and design review processes, so disclose any known restrictions, open permits, or code issues early. Unresolved items can delay closing or require an escrow holdback.
How to estimate your net
Building a net proceeds estimate is straightforward when you gather the right inputs. Start with your likely sale price and subtract the following:
- Commission per your listing agreement.
- Seller closing costs (owner’s title policy, closing/settlement fees, documentary stamps or transfer taxes if you customarily pay them, recording, Association estoppel and transfer fees).
- Mortgage and any other lien payoffs, including interest through the payoff date.
- Prorated property taxes and any prorated HOA dues.
- Repairs, inspection credits, and other negotiated concessions.
- Attorney or document prep fees if applicable.
What remains is your estimated net before any personal tax considerations. Ask your title company or agent for a preliminary seller net sheet tailored to your Coral Gables property and timing.
Illustrative net example
Below is a hypothetical example to show how the math comes together. Your numbers will differ based on price, payoff, and local fee schedules.
- Sale price: $800,000
- Commission (6%): $48,000
- Owner’s title policy and closing fees (example): $4,000
- Prorations, HOA, estoppel (example): $2,500
- Mortgage payoff (example): $300,000
- Repairs or concessions (example): $3,000
- Estimated net: $800,000 − $48,000 − $4,000 − $2,500 − $300,000 − $3,000 = $442,500
Label any calculation as illustrative until your title agent provides exact payoff figures and current fee schedules.
Timing and documents that impact costs
Small timing choices can change your bottom line. Here is what to watch:
- Payoff demands. Request payoff statements early. Interest accrues daily, so the required amount changes until funds are disbursed.
- HOA and condo estoppels. Order these promptly. Delays can push closing and sometimes add rush fees.
- Title issues and liens. Any judgments, tax liens, or unreleased mortgages must be cleared or escrowed before closing, which can add cost.
- Inspections and appraisals. If repairs or credits are requested, they will reduce your net. If financing delays occur, you may need extensions that affect timing.
Taxes and legal topics to discuss
- Capital gains on a primary home. Federal rules allow an exclusion up to $250,000 for single filers or up to $500,000 for married filing jointly if ownership and use tests are met. Florida has no state individual income tax.
- 1031 exchanges. If you are selling an investment property, a 1031 exchange may defer capital gains, but strict timelines and a qualified intermediary are required.
- FIRPTA. If you are a foreign seller, federal law may require buyer withholding from your proceeds.
Discuss these items with a CPA and the closing attorney early so your net plan reflects your actual tax situation and any intermediary or legal fees.
Avoidable pitfalls to sidestep
- Skipping early payoff quotes. Daily interest adds up and can create shortfalls if you guess.
- Underestimating title and transfer charges. Ask your title company for a current rate schedule and an itemized estimate.
- Waiting on HOA estoppels. Order early to avoid closing delays or rush fees.
- Assuming custom on who pays what. In Coral Gables, allocation of title policy or documentary stamps can be negotiable. Ask how these are handled in your current market.
- Overlooking potential association transfer or capital contribution fees. Confirm amounts and who pays.
- Missing foreign seller withholding. Identify residency status from day one to avoid surprises.
Checklist: what to gather now
- Most recent mortgage statements and lender contact info
- Full legal names as they appear on title and a copy of your deed
- HOA or condo association contacts and your account status
- Any association bylaws or documents relevant to transfer fees
- Recent property tax bill and any special assessment notices
- Permit history and any open permits or code items
- Warranty information or service records you plan to disclose
- Government‑issued ID for all sellers
Having these ready helps your title company produce an accurate net sheet quickly.
Get your personalized net sheet
You deserve clarity before you list. Ask for an itemized seller net sheet that reflects current Coral Gables customs, your actual payoff, and the closing date you target. A strong listing strategy should also consider inspection risk, association timelines, and buyer financing so your net is protected from contract to close. If you want a confidential, presentation‑driven plan tailored to your property, reach out to Realty Jane to get started.
FAQs
What are the biggest seller costs in a Coral Gables sale?
- Commissions, title and transfer charges, mortgage payoffs, prorated taxes, HOA fees, and any inspection‑related concessions are the typical heavy hitters.
Who usually pays for owner’s title insurance in Miami‑Dade?
- In many South Florida deals the seller pays for the owner’s title policy, but this is market‑dependent and negotiable. Confirm the current custom with your title agent.
How soon can I get an accurate seller net sheet for Miami‑Dade?
- Once you have an offer, your title company can produce a net sheet using your exact payoff quotes, tax prorations, and current fee schedules.
How do property tax prorations work in Florida closings?
- Taxes are typically prorated to the closing date, with you crediting the buyer for your portion of the year based on county rules and the calendar.
What HOA or condo fees should I expect in Coral Gables?
- Estoppel fees are common and there may be association transfer or capital contribution fees. Amounts vary by association documents, so verify early.
Do documentary stamp taxes apply when I sell in Miami‑Dade?
- Yes, Florida documentary stamp taxes apply to property transfers. Amounts and who pays can vary by custom. Confirm with your title company and county offices.
What tax issues could affect my net proceeds when selling?
- Capital gains rules, 1031 exchange planning for investment property, and FIRPTA withholding for foreign sellers can all affect your net. Consult a CPA early.
