Closing costs in Florida

Closing costs are inevitable when you’re buying or selling a property. While they vary from state to state, the amount you’ll pay in Florida depends on both the property and the county it sits in. As a buyer, you’ll have to cover most of the fees and taxes.
At the moment, you can expect to pay between 2.05% and 2.74% of the total purchase price before taxes.

Average closing costs in Florida

The average closing costs in Florida come to approximately 2.58% of the purchase price. It may seem insignificant, but the amount you have to pay can quickly climb if you’re buying an expensive home.
Across the state, the average home sells for somewhere between $300,000 and $400,000. If you buy a property in that range, expect to pay between $7,740 and $10,320 in closing costs before taxes. That amount accounts for appraisal, settlement and recording fees, along with title insurance and flood certification — which is required by the state.

Other fees

In Florida, you’ll also have to post a fee for documentary stamps (or doc stamps), which is a percentage of the sales price. Then there are the taxes. You’ll likely be subject to property and transfer taxes — when you add those in, you’re looking at around $8,213.44 in closing costs after taxes.

Remember, these averages are based on sample data. Your closing costs may vary based on your lender, the size of your loan and whether or not you’re paying in cash.

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Who pays closing costs in Florida?

Neither party is responsible for 100% of the closing costs in Florida, which includes fees, taxes, insurance costs and more. The buyer typically pays between 3% to 4% of the home loan’s value and is responsible for the bulk of the fees and taxes. The seller usually pays between 5% to 10% of the home’s sale price. Closing costs also vary among counties.

For the buyer

Name	Cost
Own attorney:	Varies
Lender’s attorney fees:	Varies
Condo/HOA approval fee	Varies
Prorate condo/HOA charges	Varies
Recording fee	Usually $10 for the first page; $8.50 for additional pages
Survey fee	$200–$800 based on size of land
Appraisal fee	$300–$500
Property inspection fee	$400–$800
Doc stamps on mortgage	$0.35 per $100 of the sale price
Real estate tax	Prorated at closing
Permit search fee	Varies
Permit search fee	$400–$800
Title search and insurance (if you live in Sarasota, Collier, Miami-Dade or Broward County):	Purchase prices up to $100,000: $5.75 per $1,000 Purchase prices over $100,000: $5 per $1,000
Title endorsements	Varies
Intangible tax on mortgage	$2 per $1,000 of mortgage amount
Settlement and closing fee	$300–$800
Document preparation fee	Varies
Courier fee	$20–$75
Termite or pest inspection fee	$100–$150
Credit report	$15
Environmental certification report	Varies
Flood certification fee	$15
Homeowners insurance	Varies
Mortgage insurance — if down payment is less than 20%	Varies
Miscellaneous condominium fees	Varies

For the seller

Name	Cost
Broker fees	Usually 6% of sales price
Own attorney	Varies
Doc stamps on deed	$0.70 per $100 of the sale price in all counties except Miami-Dade. There, it’s $0.60, with a $0.45 per $100 surtax on any properties that aren’t a single-family home.
Title search and insurance	$175–$400
Recording fees	Usually $10 for the first page; $8.50 for additional pages
Prorate condo/HOA charges	Varies
Condo/HOA estoppel fee	Varies
Municipal lien and tax search fee	$250–$450
Document preparation fee	$175–$250
Mortgage payoff	Subject to loan balance
Real estate tax	Prorated at closing
Miscellaneous condominium fees	Varies

Who pays for title insurance in Florida?

Title insurance works a little differently in Florida. In Sarasota County, Collier County, Miami-Dade County and Broward County, the buyer pays for title insurance and chooses the title company. In all other counties, it’s the seller’s responsibility.

How do closing costs in Florida compare nationally?

Florida’s closing costs are relatively high. It ranks 16 out of 50 states for the average closing costs before taxes. Buyers and sellers in DC, New York and California have to fork over the most money, while Missouri, Nebraska and Iowa have the lowest closing costs.

What to know about buying a condo or co-op in Florida

Condos

To buy a condo, you’ll need to qualify for a mortgage. When you purchase an individual condo, you’ll receive a real estate deed and be responsible for paying property taxes.
Condos are regulated by the Florida Condominium Act. The legislation lays out your rights to the property and gives you an “undivided interest” in all the common areas of the building. You’ll have to pay a monthly maintenance fee or a yearly homeowners association fee to cover the servicing of those areas that fall under the “undivided interest.” The fee isn’t tax-deductible.

Co-ops

If you buy a co-op, you won’t own that physical piece of property. It’s more accurate to say you buy into a co-op. You’ll become a shareholder in the corporation that owns the building and, in return, get an exclusive leasehold on your unit.
Typically, the larger your co-op unit, the more shares you own. Instead of a mortgage, you’ll need to take out a home loan to finance the purchase of a co-op. A mortgage is a loan that’s secured with your property. The borrower owns the property, and pays it off over time. With home loans, the lender advances the funds to purchase the property in full.
Unlike in New York, the co-op ownership documents in Florida aren’t consistent across properties.
This can cause confusion and make it more challenging to close on co-ops. In some cases, as an owner, you’ll simply get stock in the building. In others, you’ll get stock plus a proprietary lease, or an “occupancy agreement.”

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Bottom line

Closing costs can vary depending on where you live in Florida, the type of property you buy and how much it sells for. While the seller forks over some money, the buyer pays for the bulk of the fees and taxes, which typically add up to 2.58% of the average sale price.

Frequently asked questions

Do I need to hire an attorney for closing?

No. In the State of Florida, you don’t need an attorney to close on a property.

I’m paying in cash. Are the closing costs the same?

If you’re paying for your property in cash, you might not need to cover these mortgage-related closing costs:

• Appraisal fee
• Inspection fee
• Title insurance
• Mortgage insurance
• Intangible tax on mortgage.

While you can avoid these charges, there’s value in having the home appraised and inspected, and purchasing title insurance to ensure you don’t run into issues or debts from the previous owner.

What is the flood certification fee?

In Florida, you’ll be charged a flood certification fee to get the government-required document that determines whether the property is located in a flood plain. If the certification says the property is located in a flood zone, you’ll need to purchase flood insurance. The fee is typically $15 or less.

What is the documentary stamp tax in Florida?

Also known as the “doc stamp” or “excise tax”, this state-imposed tax is charged to the seller upon transfer of ownership. The amount depends on how much your home sold for and what county it’s in.