Florida buyer closing costs
What a buyer brings to closing in Florida: lender fees, title, mortgage taxes, prepaids and the down payment, on a typical financed purchase.
- Closing costs on $400,000
- About $8,519
- Owner's title policy
- Seller pays
- Cash to close, 20% down
- About $91,267
Example: $400,000 purchase in Florida
$400,000 is close to the typical Florida home value. With a $320,000 conventional loan, closing costs come to about $8,519 (2.1% of the price) and prepaids to about $4,523.
| Line | Buyer |
|---|---|
| Down payment (20%) | $80,000 |
| Documentary stamp tax on note (new mortgage) | $1,120 |
| Intangible tax on new mortgage | $640 |
| Lender's title insurance policy | $25 |
| Lender-required endorsements | $175 |
| Settlement / closing fee | $550 |
| Survey | $400 |
| Deed recording fee | $18.50 |
| Mortgage recording fee | $130 |
| Home inspection | $450 |
| WDO (termite) inspection | $100 |
| Loan origination (1%) | $3,200 |
| Appraisal | $550 |
| Credit report | $60 |
| Underwriting / processing | $995 |
| Flood certification | $25 |
| Tax service fee | $80 |
| Closing costs | $8,518.50 |
| Prepaid interest | $1,766.58 |
| Homeowner's insurance (12 months) | $1,600 |
| Insurance escrow reserve (2 mo) | $266.67 |
| Property tax escrow reserve (3 mo) | $890 |
| Prepaids and escrow reserves | $4,523.25 |
| Property tax credit from seller | −$1,775.12 |
| Estimated cash to close | $91,266.63 |
Run it with your own numbers: choose the county, loan type, rate and closing date.
Florida mortgage taxes
Florida taxes the new mortgage: Documentary stamp tax on note (new mortgage) at $0.35 per $100; Intangible tax on new mortgage at $2.00 per $1,000. On the $320,000 loan above that adds about $1,760 to the buyer's side. Cash buyers do not pay it.
Buyer closing costs by county
Buyers pay the owner's title policy by custom in 4 of 67 Florida counties (Broward County, Collier County, Miami-Dade County, Sarasota County), which is the biggest reason buyer costs differ by county.
| County | Owner's title paid by | Buyer closing costs | Cash to close |
|---|---|---|---|
| Alachua County | Seller | $8,519 | $91,058 |
| Baker County | Seller | $8,519 | $91,406 |
| Bay County | Seller | $8,519 | $91,456 |
| Bradford County | Seller | $8,519 | $91,306 |
| Brevard County | Seller | $8,519 | $91,306 |
| Broward County | Buyer | $10,794 | $93,383 |
| Calhoun County | Seller | $8,519 | $91,456 |
| Charlotte County | Seller | $8,519 | $91,207 |
| Citrus County | Seller | $8,519 | $91,406 |
| Clay County | Seller | $8,519 | $91,257 |
| Collier County | Buyer | $10,794 | $93,780 |
| Columbia County | Seller | $8,519 | $91,306 |
| DeSoto County | Seller | $8,519 | $91,157 |
| Dixie County | Seller | $8,519 | $91,356 |
| Duval County | Seller | $8,519 | $91,207 |
| Escambia County | Seller | $8,519 | $91,356 |
| Flagler County | Seller | $8,519 | $91,306 |
| Franklin County | Seller | $8,519 | $91,605 |
| Gadsden County | Seller | $8,519 | $91,257 |
| Gilchrist County | Seller | $8,519 | $91,306 |
| Glades County | Seller | $8,519 | $91,207 |
| Gulf County | Seller | $8,519 | $91,505 |
| Hamilton County | Seller | $8,519 | $91,207 |
| Hardee County | Seller | $8,519 | $91,157 |
| Hendry County | Seller | $8,519 | $91,058 |
| Hernando County | Seller | $8,519 | $91,257 |
| Highlands County | Seller | $8,519 | $91,257 |
| Hillsborough County | Seller | $8,519 | $91,157 |
| Holmes County | Seller | $8,519 | $91,456 |
| Indian River County | Seller | $8,519 | $91,406 |
| Jackson County | Seller | $8,519 | $91,406 |
| Jefferson County | Seller | $8,519 | $91,306 |
| Lafayette County | Seller | $8,519 | $91,356 |
| Lake County | Seller | $8,519 | $91,306 |
| Lee County | Seller | $8,519 | $91,306 |
| Leon County | Seller | $8,519 | $91,207 |
| Levy County | Seller | $8,519 | $91,306 |
| Liberty County | Seller | $8,519 | $91,306 |
| Madison County | Seller | $8,519 | $91,306 |
| Manatee County | Seller | $8,519 | $91,306 |
| Marion County | Seller | $8,519 | $91,306 |
| Martin County | Seller | $8,519 | $91,306 |
| Miami-Dade County | Buyer | $10,794 | $93,432 |
| Monroe County | Seller | $8,519 | $91,605 |
| Nassau County | Seller | $8,519 | $91,356 |
| Okaloosa County | Seller | $8,519 | $91,555 |
| Okeechobee County | Seller | $8,519 | $91,157 |
| Orange County | Seller | $8,519 | $91,207 |
| Osceola County | Seller | $8,519 | $91,207 |
| Palm Beach County | Seller | $8,519 | $91,157 |
| Pasco County | Seller | $8,519 | $91,207 |
| Pinellas County | Seller | $8,519 | $91,257 |
| Polk County | Seller | $8,519 | $91,257 |
| Putnam County | Seller | $8,519 | $91,157 |
| Santa Rosa County | Seller | $8,519 | $91,505 |
| Sarasota County | Buyer | $10,794 | $93,631 |
| Seminole County | Seller | $8,519 | $91,306 |
| St. Johns County | Seller | $8,519 | $91,356 |
| St. Lucie County | Seller | $8,519 | $91,008 |
| Sumter County | Seller | $8,519 | $91,306 |
| Suwannee County | Seller | $8,519 | $91,257 |
| Taylor County | Seller | $8,519 | $91,257 |
| Union County | Seller | $8,519 | $91,207 |
| Volusia County | Seller | $8,519 | $91,207 |
| Wakulla County | Seller | $8,519 | $91,406 |
| Walton County | Seller | $8,519 | $91,704 |
| Washington County | Seller | $8,519 | $91,406 |
What else changes a Florida buyer's costs
- Florida's homestead exemption and Save Our Homes assessment cap do not pass to the buyer. The home is reassessed at market value the January 1 after the sale, so the seller's tax bill can understate what the buyer will pay. Sellers moving within Florida can often port part of their savings to the next home.
- The FAR/BAR contracts prorate property taxes on the current year's bill with the maximum allowable (November) discount. Florida taxes are paid in arrears, so the seller credits the buyer from January 1 through the day before closing.
- Documentary stamp tax on the deed is $0.70 per $100 everywhere except Miami-Dade County, which charges $0.60 per $100 on single-family homes plus a $0.45 surtax on condos and other property. The seller pays it by custom.
Florida buyer questions
How much are buyer closing costs in Florida?
On a $400,000 home with 20% down, a Florida buyer pays about $8,519 in closing costs (2.1% of the price), plus about $4,523 of prepaid insurance, interest and escrow reserves. Estimated cash to close, including the $80,000 down payment, is about $91,267.
Does the buyer pay transfer tax in Florida?
By custom, no. The Florida transfer tax on the deed is a seller cost.
What mortgage taxes does a Florida buyer pay?
Florida charges the documentary stamp tax on note (new mortgage) ($0.35 per $100) and the intangible tax on new mortgage ($2.00 per $1,000). On a $320,000 loan that is about $1,760, paid by the buyer.
Who pays for the owner's title policy in Florida?
Seller pays the owner's policy in most Florida counties; buyer pays by custom in Miami-Dade, Broward, Sarasota and Collier.
What is the difference between closing costs and cash to close?
Closing costs are the fees and taxes for the loan, title and recording. Cash to close adds the down payment and prepaid items such as insurance, interest and escrow reserves, then subtracts credits such as the seller's property tax proration and the earnest money already deposited.
Give your buyer a cash-to-close estimate.
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