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Buying and selling in Florida

Closing Costs in Florida: Who Pays What

Closing costs are the fees and taxes paid when a home changes hands, on top of the price and your down payment. Florida has a few costs other states don't, so it helps to know them up front. Here's how it works on the Treasure Coast (St. Lucie, Indian River, and Martin counties).

How Much to Expect

  • Buyers using a loan: typically 2% to 5% of the purchase price
  • Cash buyers: usually much less, since there are no lender fees or mortgage taxes
  • Sellers: the deed tax (0.70%), title insurance, and other closing fees, plus whatever commission was agreed in the listing

Every contract is different. Your purchase contract decides who pays each item, and many costs can be negotiated.

Who Pays What on the Treasure Coast

Buyer usually paysSeller usually pays
  • Lender fees (origination, appraisal, credit report)
  • Doc stamps on the mortgage note: $0.35 per $100 of the loan
  • Intangible tax on the mortgage: $0.20 per $100 of the loan
  • Lender's title insurance policy
  • Recording fees for the deed and mortgage
  • Prepaid homeowners insurance and escrow deposits for taxes and insurance
  • Home inspection, 4-point inspection, wind mitigation inspection, and survey
  • Doc stamps on the deed: $0.70 per $100 of the sale price
  • Owner's title insurance policy (in St. Lucie, Indian River, and Martin, the seller customarily pays and picks the title company)
  • Title search and municipal lien search
  • HOA or condo estoppel letter
  • Payoff of the existing mortgage and any liens
  • Real estate commissions, as agreed
Shared
Property taxes are split by the number of days each side owns the home that year. Florida taxes are paid in arrears, so the seller usually credits the buyer at closing.

Florida Taxes That Surprise People

Documentary stamp tax: Florida taxes both the deed and the mortgage. On a $400,000 home, the deed stamps alone are $2,800.

Intangible tax: A one-time tax on new mortgages, $0.20 per $100 borrowed.

Title insurance: Florida sets title insurance rates by law, so the base premium is the same no matter which title company you use. Fees for searches, endorsements, and closing services do vary.

Example: $400,000 Home, $360,000 Loan

These are just the government taxes and title premium. Lender fees, prepaid insurance, escrow, and inspections are on top of this for the buyer.

Ways to Lower Your Closing Costs

  • Ask the seller for a closing cost credit as part of your offer
  • Compare loan estimates from more than one lender
  • Ask about Florida down payment and closing cost assistance programs
  • Close near the end of the month to reduce prepaid interest

Frequently Asked Questions

Who pays closing costs in Florida, the buyer or the seller?

Both. Each side has customary costs, and the contract decides the rest. On the Treasure Coast, the seller usually pays the deed tax and the owner's title policy, and the buyer pays the mortgage taxes and lender fees.

How much are closing costs for a buyer in Florida?

Usually 2% to 5% of the purchase price when financing. Cash buyers pay less.

Can closing costs be rolled into the loan?

Usually not directly, but you can negotiate a seller credit toward your costs, which works out similarly.

Are closing costs different in other Florida counties?

The tax rates are the same statewide (except Miami-Dade's deed tax), but who customarily pays for title insurance varies by county.

General information, not legal or tax advice. Your lender's Loan Estimate and your title company's closing statement will show your exact costs.

Talk to Peter and Kate.

Peter White & Kate Ward | REMAX Gold

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