Closing costs in Florida are a mix of state taxes, title insurance and lender, inspection and association fees. Some are set by law; who pays most of them is set by your contract. Here is what to expect.
Documentary stamp tax on the deed
- Broward, Palm Beach and every Florida county except Miami-Dade: $0.70 per $100 of the sale price.
- Miami-Dade: $0.60 per $100, plus a surtax of $0.45 per $100 that does not apply when the property is a single-family home.
- By custom it is usually paid by the seller, but the contract decides.
Taxes on the mortgage (if you finance)
- Documentary stamp tax on the note: $0.35 per $100 of the amount borrowed.
- Intangible tax: $0.002 per $1 borrowed (0.2% of the loan).
- Both are normally paid by the buyer.
Title insurance
Title insurance protects against problems with ownership history. In Florida the premium rates are set by state rule, so the premium itself does not depend on which title company you use; the fees around it (search, closing and endorsement fees) vary. Who pays for the owner's policy is decided in the contract, and local custom differs between counties — in Miami-Dade and Broward the buyer often pays it. If you finance, the lender's policy is a buyer cost.
Property taxes at closing
Florida property taxes are paid in arrears: the bill for each calendar year arrives in November. At closing, taxes are prorated — the seller credits the buyer for the part of the year the seller owned the home, and the buyer then pays the full bill when it arrives.
Other costs buyers should plan for
- Lender fees, appraisal and credit report (if you finance).
- Home inspection, wind mitigation and four-point inspections (often needed for insurance), and a survey.
- Prepaid items: the first year of homeowners insurance and, with a loan, initial deposits for the escrow account.
- Recording fees, plus association estoppel, application or transfer fees when the property is in an HOA or condo.
A worked example
Single-family home in Broward for $500,000, with a $400,000 mortgage: deed stamps $3,500 (usually the seller), note stamps $1,400 and intangible tax $800 (the buyer). The same home in Miami-Dade would carry deed stamps of $3,000, because single-family homes are exempt from the county surtax. Title insurance, lender fees and prepaid items come on top.
Frequently asked questions
Who pays documentary stamp tax on the deed in Florida?
By custom the seller, but it is negotiable and set by the contract. The rate is $0.70 per $100 of the price everywhere except Miami-Dade, where it is $0.60 per $100 plus a $0.45 surtax that single-family homes are exempt from.
What taxes does a buyer pay on a Florida mortgage?
Documentary stamp tax on the note ($0.35 per $100 borrowed) and the intangible tax ($0.002 per $1 borrowed).
Who pays for title insurance in Miami-Dade?
It is decided in the purchase contract. In Miami-Dade and Broward it is common for the buyer to pay for the owner's policy, but confirm it in your contract.
Are Florida closing costs negotiable?
The tax rates are set by law, but who pays each cost is negotiable and is written into the contract. Sellers sometimes agree to contribute to the buyer's costs.
Questions about your situation? Talk to Dayron Crespo — in English or Spanish.
- Florida Department of Revenue — Documentary stamp tax
- Florida Administrative Code 69O-186.003 — Title insurance rates
General information only — not legal, tax or insurance advice. Laws and rates change; confirm the details for your property with the county property appraiser, an attorney, your insurer or your title company.