Florida Closing Costs Explained
Florida closing costs include a few state-specific taxes and fees that out-of-state buyers do not expect. Here is what shows up and who usually pays.
Taxes tied to the deed and mortgage
- Documentary stamp tax on the deed: $0.70 per $100 of the sale price. The seller traditionally pays this.
- Documentary stamp tax on the mortgage note: $0.35 per $100 of the loan amount, paid by the buyer when financing.
- Intangible tax on the mortgage: 0.2% of the loan amount ($2 per $1,000), paid by the buyer.
Miami-Dade County uses a lower deed rate for single-family homes ($0.60 per $100). Example for the statewide rates: on a $400,000 purchase with a $360,000 loan, deed stamps are $2,800, note stamps are $1,260, and the intangible tax is $720.
Other common costs
- Title insurance and title search. Florida regulates title insurance rates. Who pays for the owner's policy often depends on local custom.
- Lender fees: origination, appraisal, credit report, and similar.
- Prepaids and escrow: homeowners insurance, property taxes, and sometimes flood insurance, collected in advance.
- Home inspection, wind mitigation, and four-point reports (see our inspection guide).
- HOA or condo fees: transfer fees, capital contributions, and estoppel certificates. See HOA fees explained.
- Survey and attorney or closing agent fees.
Practical tips
- Request your lender's Loan Estimate early and compare it against other lenders.
- Ask for the HOA or condo cost sheet before you sign.
- Confirm in the contract who pays what, since customs vary by county.
- Budget for the insurance escrow, which can be large in Florida.
Then estimate your ongoing payment in the Florida mortgage calculator.
General information. Rates and customs can change. Your closing agent or attorney can confirm exact figures.