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What are closing costs in Florida?

Besides the lender's own fees, a Florida closing has state taxes, title insurance and recording fees.

The documentary stamp tax on the deed is 70 cents per $100 of the price everywhere but Miami-Dade County, where it is 60 cents per $100 for a single-family home and 60 cents plus a 45-cent surtax per $100 for other property. A new mortgage carries documentary stamp tax of 35 cents per $100 of the loan, with no limit for a recorded mortgage, and a one-time nonrecurring intangible tax of 2 mills, which is $2 for each $1,000. The lender owes the intangible tax but may pass it on to the borrower.

Who pays the documentary stamp tax on the deed is not fixed by law: the Department of Revenue says it is payable by any of the parties to the sale, so it is settled in the contract. Title insurance premiums are set by the state, so a $100,000 owner's policy has the same base premium, $575, from every title company in Florida, and whoever pays the premium gets the first choice of closing or title agent. The county clerk charges $5 for the first page of each recorded document and $4 for each page after it.

Federal rules require that you receive the Closing Disclosure, the final statement of your loan's terms and costs, at least three business days before closing.

Where to go from here.

Generated image of a finished one-story Florida house with a barrel tile roof, an arched entry, a paver driveway and palms across the front.01

How much house can I afford in Florida?

A lender works out how much house you can afford from three numbers: your debt-to-income ratio, your credit score, and your down payment, which sets the loan-to-value ratio.

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Generated image of one hand passing a set of house keys to another in front of a new one-story home.02

Is there help for first-time home buyers in Florida?

Yes, through the Florida Housing Finance Corporation, the state's housing agency. Its homebuyer loans are made by approved participating lenders, not by the agency, so the first step is a loan officer on its list.

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Generated image of a one-story Florida home with a tile roof and a palm, a couple standing at the open front door.03

How does Florida's homestead exemption work?

If you own your home and it is your permanent residence on January 1, you can file for the homestead exemption with the county property appraiser by March 1, and it lowers that year's tax bill.

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The old Lake County Courthouse in Tavares, Florida.04

How much are property taxes in Florida?

There is no single Florida rate. Your bill is the home's assessed value, minus any exemptions, times the millage rates set each year by the county, the city if you live in one, the school board and any special districts, so two houses of the same price in neighboring towns can pay different amounts.

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Where this comes from.

More questions like this.

What should I know before buying a mobile home in Florida?

First, whether you will own the land or rent the lot. When the owner of the home also owns the land, the home is real property and carries an RP sticker; otherwise it must carry a current license plate, and the annual registration tax is due on any mobile home, whatever its use, at the county tax collector.

Do seniors and veterans get property tax breaks?

Yes, in addition to the homestead exemption, and every one is applied for at the county property appraiser by March 1 of the year, with late filing allowed within 25 days after the appraiser mails its notices.

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