Closing Costs

Closing costs are the various charges you can expect to pay upon finalizing a real estate transaction. These charges can vary depending on the location of the property and other factors such as special licenses in the area. You'll want to discuss with your realtor which charges you would have to pay to close your home purchase or sale.

Average Closing Costs in Florida

The average closing cost in the state of Florida is about 1.98% of the home purchase price. This standard can vary depending on the county you're considering a purchase as well as other factors including luxury communities, beachfront properties, and more. You'll want to set up between 2% and 5% of your contract price to have sufficient funds to finalize your closing costs.

Closing Cost for Home Buyers

Condo/HOA Approval Fee

Recording Fees (Deed, Condo/HOA Approval, Mortgage)

Prorate Condo/HOA Charges

Homeowners Insurance

Flood Insurance (if applicable)

Inspection Costs

Survey Fee

Real Property Tax Proration

Permit Search Fee

Title Services

Simultaneous Issue Mortgage Title Insurance

Title Endorsements (including Florida Form 9)

Loan Discounts or Points

Documentary Stamp Tax or Mortgage Tax

Intangible Tax on Mortgage

Escrow (taxes, insurance, condo/HOA fees, mortgage insurance)

Lender’s Attorneys’ Fees

Document Preparation

Appraisal Costs

Tax Service Fee

Termite Report

Credit Report

Environmental Report

Flood Certification Fee

Closing Cost for Sellers

Doc Stamps on Deed

Pay Off Existing Mortgage Loans

Owner’s Title Insurance Premium

Real Property Tax Proration

Recording Fees – Satisfaction of Mortgage, Curative Documents

Prorate Condo/HOA Charges

Real Estate Brokerage Commission

Condo / HOA Estoppel Fee

Lien Search Fee

Top Tips to Reduce Closing Costs

1. Check Banks for Loyalty Programs

2. Schedule Your Closing at the End the Month

3. Ask the Seller to Pay

4. Wrap the Closing Costs into Your Loan

5. Apply for an FHA Loan

Final Thoughts

Whether you're planning to buy or sell a home in Florida, our team can help walk you through the entire process and make the transaction as easy as possible. If you have any real estate questions you want to be answered, please feel free to contact us today.

For more information, please check out our original blog post at https://islandpropertyexpert.com/.