Closing costs in Florida

When purchasing a home in Miami or anywhere else in South Florida there are numerous fees, costs and expenses which get allocated between the buyer and the seller on the closing statement (or HUD-1 Settlement Statement).

These items are called closing costs and are typically allocated according to local custom or are, at times, negotiated between the buyer and the seller. Below is a list of the typical closing costs paid by both the buyer and the seller in a typical residential real estate transaction in Miami and South Florida.

It is advisable for a buyer or a seller to engage the services of an experienced Florida real estate attorney prior to signing the purchase and sale contract to not only review the terms of the contract, but also to make sure that these various closing costs are properly allocated between the buyer and the seller in the contract.

Buyer closing costs

Customary buyer closing costs include:

  • Down payment
  • Title insurance
  • Documentary stamps on the note
  • Intangible tax on the mortgage
  • Loan fees
  • Prepaid interest
  • Inspection fees
  • Appraisal
  • Survey fee
  • Mortgage insurance
  • Hazard insurance

Seller closing costs

Customary seller closing costs include:

  • Loan payoff
  • Broker's commission
  • Documentary stamps on the deed
  • Prorated real property taxes
  • Title search fee
  • Lien search fee

As a highly experienced Florida real estate law firm and title company, Federal Title continually guides both buyers and sellers regarding the proper allocation of closing costs and makes sure that what the parties contracted for is properly reflected on the closing statement at the time of closing so that there are no surprises on the day of closing.

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Comments (4)

  • Susan Bell

    Susan Bell

    16 May 2015 at 20:39 | #

    I am a seller who is FSBO, have a buyer w/preapproved financing. We have agreed on a purchase price but need a contract and any closing documents. Could you give me your fees to handle this?
    Thanks!
    Susan Bell
    941-485-6349

    reply

  • Karen

    Karen

    23 February 2017 at 17:48 | #

    I am the Seller selling a mobile home with land (real property) in Palm Beach County, FL. What are the closing costs for Buyer and Seller? There is an HOA. Can you give me a quote?

    Thank you.

    reply

  • Ramona

    Ramona

    10 October 2017 at 23:33 | #

    We are residence of Alabama and we have purchased a condo in Florida. We had an attorney do all closing and assumed that they collected everything they needed for the closing. I was notified by the attorney's office that they neglected to collect HOA and transfer fees and now want us to pay almost $1,000. I'm not sure what all goes into purchasing a condo are closing on the condo that's why we went through an attorney. I knew that there was HOAs due and I assumed that they would know this since they have closed condo purchases in the past. They have actually closed the one that we just purchased from the races seller about 3 years ago. We have been told that anything that needs to be paid within six months of closing should be collected by the closing attorney. But have found out that they did not collect the HOA in the transfer fee. I feel they are responsible for paying that since they neglected to do their job properly. I would like your opinion on this matter.

    reply

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