Short answer: Florida buyers with a mortgage commonly pay about 2% to 5% of the purchase price at closing. Two Florida-specific taxes apply to the loan: documentary stamp tax on the note or mortgage at 35 cents per $100 borrowed, and a one-time intangible tax of 0.2% of the loan. Title insurance, lender fees, and prepaid property taxes and insurance make up most of the rest. Who pays the deed stamps and the owner's title policy is set by your contract, and local custom differs by county.
Florida taxes on the purchase
- Documentary stamp tax on the deed: 70 cents per $100 of the price (Florida Statutes 201.02). Customarily a seller cost in much of Florida, but the contract decides.
- Documentary stamp tax on the mortgage or note: 35 cents per $100 of the amount borrowed (201.08). Paid by the buyer when there is a loan.
- Nonrecurring intangible tax: 2 mills, or 0.2%, of the loan amount (199.133). The lender owes it but usually passes it to the borrower.
Example: on a $400,000 loan, mortgage doc stamps are $1,400 and the intangible tax is $800, before any other fees.
Other common buyer costs
- Lender fees: origination, underwriting, appraisal and credit report.
- Title: the lender's title policy, title search and settlement fee, and the owner's policy if your contract assigns it to you.
- Prepaids and escrow: several months of property taxes and homeowners insurance, plus flood insurance if required.
- Recording fees and, for condos and HOAs, any association transfer or estoppel fees the contract assigns to the buyer.
- Home inspection, wind mitigation inspection and survey.
How to estimate yours
Ask your lender for a Loan Estimate as soon as you are under contract; it lists closing costs line by line. Check your contract for who pays the deed stamps, the owner's title policy and association fees, and ask your agent what is customary in your county. Your final numbers arrive on the Closing Disclosure at least three business days before closing.
Frequently asked questions
How much are closing costs in Florida for buyers?
Commonly about 2% to 5% of the purchase price with a mortgage, including mortgage doc stamps (0.35% of the loan), intangible tax (0.2% of the loan), title charges, lender fees and prepaid taxes and insurance.
Who pays doc stamps in Florida?
Doc stamps on the deed (70 cents per $100 of price) are customarily a seller cost, while doc stamps on the mortgage (35 cents per $100 borrowed) are paid by the buyer. Your contract controls.
Who pays title insurance in Florida?
It depends on the contract and county custom, which differs across South Florida. Check your contract and ask your agent what is standard in your county.
General information, not legal, tax or financial advice. Confirm details with your agent, lender, attorney or insurer.