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.
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.
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.
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.
| 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): |
|
| 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 |
| 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 |
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.
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.
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.
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.”
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.
No. In the State of Florida, you don’t need an attorney to close on a property.
If you’re paying for your property in cash, you might not need to cover these mortgage-related closing costs:
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.
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.
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.
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