Closing Costs for Buyers in Florida: What to Expect

When you buy a home in Florida, the down payment is only part of what you need at closing. Closing costs are the fees and expenses required to finalize your purchase, and they typically range from 2% to 5% of the purchase price.

Common Buyer Closing Costs in Florida

• Loan origination and lender fees: Charged by your lender to process the loan
• Title insurance and title search: Protects against title defects
• Appraisal fee: Required by the lender to confirm the home's value
• Survey: Confirms property boundaries
• Home and pest inspections: Optional but strongly recommended
• Prepaid items: Property taxes and insurance premiums paid upfront
• Recording fees: Charged by the county to record the deed and mortgage

Title Insurance in Florida: Who Pays?

Florida is one of a few states where the party who pays for the owner's title insurance policy varies by county. In most of the state, the seller pays. In South Florida counties like Miami-Dade and Broward, the buyer often pays. This is negotiable in your purchase contract.

Documentary Stamp Tax and Intangible Tax

Florida charges a documentary stamp tax on deeds, typically $0.70 per $100 of the purchase price (or $0.60 per $100 in Miami-Dade County). The seller usually pays this. On the mortgage side, buyers pay a documentary stamp tax of $0.35 per $100 of the loan amount and a one-time intangible tax of $0.002 per $100 of the loan amount.

How to Reduce Your Closing Costs

• Ask the seller for closing cost concessions in your offer
• Compare loan estimates from multiple lenders
• Ask your lender about no-closing-cost loan options
• Use a first-time buyer down payment assistance program that may help with costs

More Articles for Florida Home Buyers

Learn about down payments, credit scores, and pre-approval. For a full overview, visit our buyer resources hub.