The average closing costs in Florida remain above average, but they vary from one county to the next. How are these Florida home closing costs broken down, and what are the closing costs for seller vs. buyer?
Closing Costs in Florida
Average closing costs in Florida hover around that 1.98% mark. Many are slightly less, while some range closer to 3%. Let’s break it down.
The most basic fees include appraisal, settlement, recording, title insurance, and flood certification. These aren’t optional. Florida requires each to be paid and complete. For a $250,000 home, these would range at around $2,000-$2,100.
Doc stamps (documentary stamps) add to this as a percentage of the price at which the property is sold.
Then come property and transfer taxes. All told, that home sold at $250,000 will mean about $4,500-$5,500 in closing costs. Of course, this will vary depending on certain factors, but this is the typical range you can expect.
Closing Costs for Buyers
There are closing costs for seller as well as buyer, but the buyer takes on the larger portion. Fees that have to do with attorneys and homeowners associations (HOAs) will vary, but are the buyer’s responsibility. Beyond these, the following fees will also factor in when buying a Florida home:
- Recording Fee: $10 first page; $8.50 each additional page
- Survey Fee: $200-800 depending on land size
- Appraisal Fee: $300-500
- Property Inspection Fee: $400-800
- Doc Stamps (Mortgage): $0.35 per $100 of price
- Real Estate Tax: Prorated upon closing
- Permit Search Fee: $400-800
- Title Search/Insurance: $5 per $1,000 of price (see notes)
- Title Endorsement: will vary
- Intangible Tax: $2 per $1,000 of mortgage
- Settlement/Closing Fee: $300-800
- Document Prep: will vary
- Courier Fee: $20-75
- Pest Inspection: $100-150
- Credit Report: $15
- Environmental Certification: will vary
- Flood Certification: $15
- Homeowners Insurance: will vary
- Mortgage Insurance: will vary (see notes)
Title Search and Insurance note: This is accurate for Broward, Collier, Miami-Dade, and Sarasota counties. Property purchased at less than $100,000 will be charged at a slightly higher rate: $5.75 per $1,000 of price.
Mortgage Insurance note: This is typically only needed if the down payment on the mortgage is less than 20%.
Closing Costs for Sellers
This list is a little more straightforward. Like the buyer, you’re responsible for your own attorney’s fees, as well as any final HOA charges or estoppel fees. Beyond that, make sure you understand each and every component.
- Broker Fees: 6% of sales price (unless otherwise negotiated)
- Doc Stamps (Deed): $0.70 per $100 of price (see notes)
- Title Search/Insurance: $175-400
- Recording Fee: $10 first page, $8.50 each additional page
- Municipal Lien/Tax Search: $250-450
- Document Prep: $175-250
- Mortgage: depends on loan balance
- Real Estate Tax: Prorated upon closing
Doc Stamps note: Miami-Dade County has a different rate. It is $0.60 per $100 of sales price, with an additional surtax of $0.45 per $100. This surtax is only applied to properties that are not single-family homes.
We know this is complicated! Please reach out to us if you have any questions about buying a new home in Florida.
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