Skip links
Worldwide Title

Common Florida Buyer Closing Costs

Lender Fees (optional)  0.5% to 1.5% of the sales price:

These costs relate to any associated loan fees including application fees, prepaid interest, and loan origination fees. While a loan is optional, these will be present if a mortgage is secured to purchase the home. Credit report – $25 to $75: This fee covers the cost for the lender to pull the buyer's credit history and credit score. Appraisal – $300 to $500: An appraisal determines the value of a home to assure the lender the property is indeed worth the amount they are giving the buyer. The appraisal is often paid by credit card up front and therefore not due at the time of closing.

Home Inspection

$250 to $600 Conducted before closing, a home inspection will reveal any major issues with a home such as structural or foundational damage. Costs vary by company and city — for instance, in Orlando, a home inspection will cost you $450.

Survey (optional)

$350 to $500 Many lenders will require a survey of the property to determine the location of any buildings and the property's boundaries. Costs typically vary depending on lot size and type of property.

Recording Fees

$18.50-$37.00 varies by county This fee covers the cost of registering the sale and transfer of your property. Once the deed of transfer is recorded, it will become part of the public record.

Transfer Taxes – varies with amount of the mortgage:

Just as the seller typically pays the for the document stamps on the deed, the buyer typically pays document stamps on the mortgage, as well as the intangible tax for the mortgage. These amounts are based on the amount of the mortgage, not the purchase price of the property. The doc stamps are $0.35 per $100 or portion thereof, while the intangible tax is 0.2% of the amount secured.

Transfer Taxes – varies with amount of the mortgage

Just as the seller typically pays the for the document stamps on the deed, the buyer typically pays document stamps on the mortgage, as well as the intangible tax for the mortgage. These amounts are based on the amount of the mortgage, not the purchase price of the property. The doc stamps are $0.35 per $100 or portion thereof, while the intangible tax is 0.2% of the amount secured.

Title insurance – Whoever elects Escrow & Title typically pays. In Miami-Dade & Broward typically Buyer pays.. Rates are set by the state and based on the purchase price and loan amount

Owner’s title insurance protects the buyer from issues that arise with the title such as outstanding liens that were not discovered in the title search. The Lender’s Policy which is required by lender protects the Lender from issues that arise with the title such as outstanding liens that were not discovered in the title search. The rates are set by the State of Florida, but depend on the price of your home. For the Florida median home price of $275,000, your title insurance will cost about $1,450. While who pays this fee is negotiable, Buyer commonly pays it in South Florida and Seller pays most parts of Florida such as Palm Beach, Orlando, etc.

Settlement Fee – typically $750-975

While you can avoid attorney fees (Florida doesn’t require an attorney to be present at closing), you’ll still need to pay a settlement fee to the titlecompany or escrow company for their services on closing day.

Explore
Drag