Have you wondered what fees are needing to be paid for a mobile home purchase in Sarasota?
Anytime we work with Buyers who are looking to purchase a mobile home that we currently have a listing for, we always make sure they know exactly what it means when they say, “I’d like to make an offer.”
When purchasing a Sarasota mobile home, the actual purchase price of the home is only one of several expenses that will be incurred during the purchase process of that home.
We have found that many, if not most, mobile home Buyers are unaware that there are several additional fees that to add to the total cost of a mobile home purchase.
If these fees are not paid at the time of closing, the sale of the home, it will not be able to go through.
In order for there to not be any confusion at the closing table, our company policy at The Mobile Home Dealer, is one where we lay out all of the fees to the Buyer so that when they make an offer to purchase the home, they know exactly what they will be responsible for paying come closing day.
The first fee to be paid is the actual negotiated purchase price of the home. This price will be what the buyer is agreeing to pay the Seller for the purchase of the property.
In the state of Florida, the buyer is required to pay state, city, and sometimes county tax, on the entire purchase price of that mobile home. For homes bought in Sarasota, this equates to a 7% tax on the total purchase price of that home. In other counties, such as Charlotte County, a little further south, the county then imposes a 1% tax on top of the 7%, so the total tax is 8% that is owed on the purchase price. The Buyer will need to pay a title transfer fee, which takes the title of the mobile home from the current owner to that of the new owner.
Registration fees will need to be paid at closing by the Buyer as well. This fee ensures that the mobile home that has been purchased is correctly registered to the new owner in the state of Florida. Closing fees will also need to be paid at time of closing by the Buyer to the licensed mobile home broker as well.
It is not uncommon for all of these additional fees to total, sometimes over $2,000, in addition to the price of the mobile home.
It is imperative that the Buyer of the mobile home be very well versed in all of these additional fees that are associated with buying a mobile home within the state of Florida prior to making their offers.
With a solid understanding of these additional fees needing to be paid, they will help both the Buyer and the Seller so that the purchase does not fall apart at the closing table due to a lack of funds.
This is Mark Kaiser with The Mobile Home Dealer, and we help mobile home buyers and sellers get to a better place in life.