Florida real estate settlement services

Florida transfer taxes and recording fees

Recording fees

Lines 1201 - 1203: Government recording fees and taxes in Florida and the calculations for such fees are as follows

• $10.00 for first page of document, plus
• $8.50 for each subsequent page (typically, $18.50 for deeds and $137.50 for mortgages)

Intangible lender mortgage tax

• $0.20 per each $100.00 of face value of mortgage, and

Documentary stamps

• $0.35 per each $100.00 of face value of the mortgage. Also, there is a deed transfer tax in Florida. paid by the Seller.

In Miami-Dade County, the tax rate is $0.60 for each $100 (or fraction thereof) of the total consideration paid when the property is a single-family residence, and $0.60 plus $0.45 surtax per $100 (or fraction thereof) of the total consideration paid for property other than a single-family residence.

Currently, in all Florida counties other than Miami-Dade County, the tax rate on documents that transfer an interest in real property is $0.70 for each $100 (or fraction thereof) of the total consideration paid for the transfer.

Property taxes

The Tax Collector's Office collects real estate taxes annually in Florida. The tax year runs from January through December.

Tax notices are mailed on or before November 1 of each year with the following discounts for:

• 4% if paid in November
• 3% if paid in December
• 2% if paid in January
• 1% if paid in February
• Gross tax if paid in March, no discount applies

Real estate taxes become delinquent on April 1 of the following year in which they were assessed.

As of April 1, a three percent (3%) penalty is added to the gross tax amount due. Discounts do not apply to delinquent payments. Delinquent taxes must be paid by cashier's check or money order. Personal checks will not be accepted.

Pursuant to Florida Statute 197.122, all property owners are held to know that taxes are due and payable annually. They are charged with the duty of ascertaining the amount of current and delinquent taxes due. If a taxpayer does not receive a tax notice in November, it is the taxpayer's responsibility to contact the tax collector's office to request a duplicate bill.

Updated on 9/23/2009 | This information is deemed reliable, but not guaranteed.

Settlement fees for Florida closings

Settlement fee = $1,150 for purchase transactions in Florida

The following services are included:

Lender required endorsements

Florida Form 9 Endorsement -- 10% of Owner’s plus Lender’s Policy Navigational Servitude Endorsement -- 10% of Owner’s plus Lender’s Policy Other Endorsements -- $25.00 per Endorsement

Simultaneous issue transactions

When an owner's policy and a loan policy are issued simultaneously, the rate applicable for the owner's policy shall be the regular owner's rate. In all cases the owner's policy shall be issued for the sale price of the property or, in the even there is no sale, the value of the premises. An additional $25.00 (FL) will be added to the premium whenever a simultaneous issue occurs.

Re-issue rate policy

To qualify for a reissue rate, the borrower must provide the (seller's) current owner's title policy which must be less than 10 (ten) years old. The reissue rate is based on the the face amount (coverage) of the (seller's) current policy. However, if the buyer qualifies for the Real Credit Program then we can only honor EITHER the re-issue rate or the REAL Credit™, not both.

In addition, the buyer is customarily responsible for deed recording fees, condominium search/approval fees, documentary stamp taxes on the note and the intangible tax on the mortgage. The seller is customarily responsible for fees due on documentary stamps on the deed. Federal Title & Escrow Company reserves the right to modify the fees listed above with reasonable advanced notice, however, such fees will not change during the course of a transaction unless required by law or our title insurance underwriter.

Updated on 1/19/2009 |This information is deemed reliable, but not guaranteed.

Premiums for Florida purchases

Owner's policy

An owner's policy protects against a loss that may occur from a fault in your ownership or interest you have in the property. A title policy will protect the equity in your new home. These policy rates do not include the $25 simultaneous issue fee.

 Limited Policy
(minimum premium $100)

Lender required endorsements

Florida Form 9 Endorsement -- 10% of Owner’s plus Lender’s Policy Navigational Servitude Endorsement -- 10% of Owner’s plus Lender’s Policy Other Endorsements -- $25.00 per Endorsement

Simultaneous issue transactions

When an owner's policy and a loan policy are issued simultaneously, the rate applicable for the owner's policy shall be the regular owner's rate. In all cases the owner's policy shall be issued for the sale price of the property or, in the even there is no sale, the value of the premises. An additional $25.00 (FL) will be added to the premium whenever a simultaneous issue occurs.

Re-issue rate policy

To qualify for a reissue rate, the borrower must provide the (seller's) current owner's title policy which must be less than 10 (ten) years old. The reissue rate is based on the the face amount (coverage) of the (seller's) current policy. However, if the buyer qualifies for the Real Credit Program then we can only honor EITHER the re-issue rate or the Real Credit, not both.

In addition, the buyer is customarily responsible for deed recording fees, condominium search/approval fees, documentary stamp taxes on the note and the intangible tax on the mortgage. The seller is customarily responsible for fees due on documentary stamps on the deed. Federal Title & Escrow Company reserves the right to modify the fees listed above with reasonable advanced notice, however, such fees will not change during the course of a transaction unless required by law or our title insurance underwriter.

Updated on 1/19/2009 - This information is deemed reliable, but not guaranteed.