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Closing cost fees to be aware of

Total closing costs in Florida are surprisingly predictable, and you should know whats in them.

The buyer should expect costs to be approximately 1.5% of the price of the property. The seller should expect the same 1.5% PLUS the comission which may be an additional 6%-12% depending on the type of transaction and what is involved.

Line Items on the "ALTA" Closing Statement The "ALTA Settlement Statement" (American Land Title Association) details all of the fees or charges that the buyer and seller will pay during the settlement portion of a real estate transaction.

Key sections of the document
  • Prorated costs between buyer and seller
  • Title Agency Statuatory fees
  • Title Agency Non-Statuatory fees
  • Government recording and Transfer fees
  • 3rd party fees when financed
Setting aside the prorated costs, the remaining costs contain a list of typical items you might expect to find.
Line Item Buyer Seller
Title Agency Statuatory Charges 
Lender's Title Insurance Policy Section 9c Buyer or Miami/Broward checked  
Owner's Title Insurance Policy Section 9c Buyer or Miami/Broward checked Section 9c Seller Checked
Title Agency Non-Statuatory Charges 
Title & Lien searches Section 9c Buyer Checked Section 9c Seller or Miami/Broward checked
Settlement closing fee
Electronic Recording Fee for estopple letter  
HOA estoppel  
Scan storage fee
Courier fees
Government recording and Transfer charges
Deed document stamps  
Record UCC-3 - records seller satisfaction of mortgage  
non-identity Affidavit - for disregaring matters with parties of similar names  
Record Power of attorney if exists  
Record deed  
Record trust deed/mortgage  
Transfer fee to HOA if exists  
Mortgage document stamps  
Intangible tax  
3rd party fees when financed
Appraisal & Survey  
Underwriting & Processing  
Homeowners Insurance  
Prepaid interest  

Who pays for what on Florida residential contracts (as of 2021)

Seller

  • Real Estate Commission
  • Seller’s unpaid Mortgage (if any)
    • Liens
    • Seller’s unpaid Judgment Liens (if any)
    • Seller’s unpaid Municipal Liens (if any)
    • Seller’s HOA/Condo Ass’n Liens (if any)
  • Seller’s unpaid HOA/Condo dues (if any)
  • Seller’s unpaid property taxes (if any, prorated)
  • Seller’s unpaid utilities (if any)
  • HOA/Condo Estoppel Fee to the Ass’n (if any) - confirms good financial standing and anythng owed
  • * Documentary stamp tax + Surtax on the Deed (this is not a recording fee)*
  • Title search (if SELLER’S Box is Checked   or the Miami-Dade/Broward Regional Provision is checked per Article 9)
  • Municipal Lien search (if SELLER’S Box is Checked or the Miami-Dade/Broward Regional provision is checked per Article 9)
  • Owner’s Title Policy (if SELLER’s Box is Checked per Article 9)
  • Seller concessions (if any) e.g. paying for all or a portion of the title insurance, costs of appraisal, property repairs, home warranty, decorating allowance, moving allowance.
  • Seller’s Settlement Fee

* Documentary stamp tax on Deeds (Seller Expense) (this is not a recording fee).  In all Florida counties except Miami-Dade, the tax rate imposed on Deeds (e.g., warranty, special warranty, quit claim, trustee’s deed, life estate deed, and even transfers of property between spouses) are  subject to tax is $0.70 on each $100.00 or portion thereof of the total consideration.  But in Miami-Dade County the tax rate is $0.60 cents on each $100 or portion thereof. Miami-Dade County also has a surtax of $0.45 cents on each $100 or portion thereof however single-family dwellings are exempt from the surtax.  For example, a Broward County property that sells for $180,000 would = $1,260.00 in documentary stamp taxes (1800 is the number of taxable units representing each $100 or portion thereof of the consideration of $180,000 multiplied by (x) $0.70 = $1,260.00).  See, Fla. Stat. §201.02(1)(a), §201.031

Buyer

  • Survey  (if required by Lender)
  • Elevation Certificate (if required by Lender)
  • Appraisal Fees (if required by Lender)
  • Loan Fees (if required by Lender)
  • HOA/Condo Application fees to the Ass’n (if any)
  • HOA/Condo Transfer Fees to the Ass’n (if any)
  • Buyer’s Property Inspections (if any)
  • ** Recording Fees on Deed, UCC-1, Note, Mortgage
  • *** Intangible Tax on Buyer’s new Mortgage
  • ****Documentary stamp tax on Buyer’s new Mortgage (this is not a recording fee)
  • ***** Documentary stamp tax on Buyer’s new Promissory note (this is not a recording fee)
  • Title search (if BUYER’S Box is Checked per Article 9)
  • Municipal Lien search (if BUYER’S Box is Checked per Article 9)
  • Owner’s Title Policy (if BUYER’S Box is Checked or if the Miami-Dade/Broward Regional
  • Provision is Checked per Article 9)
  • Lender’s Title Policy
  • Buyer’s Settlement Fee

** Recording Fee (Buyer Expense) $10.00 for the First (1st) Page plus $8.50 for each additional page.  See, Fla. Stat. §28.24(12)(a,b,d,e), §24.222(3)(a).
*** Intangible tax (Buyer Expense) of $0.002 per one dollar $1.00 of notes secured by a mortgage.  For example on $180,000.00 the intangible tax = $360.00. See, Fla. Stat. §199.133.
**** Documentary stamp tax on Mortgages (Buyer Expense), are taxed based on the full amount of the indebtedness regardless of whether it is contingent or absolute, at the rate of tax is $0.35 cents per $100 or portion thereof. There is no cap on the amount of tax due.  See, Fla. Stat. §201.08(1)(b)
***** Documentary stamp tax on Promissory notes (Buyer Expense) are taxed at the rate of $0.35 cents per $100 or portion thereof; which is capped at $2,450. See, Fla. Stat. §201.08(1)(a)