
Florida closings carry taxes my other states don’t: documentary stamp tax on the deed and on the mortgage, plus intangible tax on the new loan.
What is different in Florida
- Documentary stamp tax on the deed is $0.70 per $100 of the price in most counties ($0.60 in Miami-Dade, plus a surtax on some property types), usually paid by the seller.
- Documentary stamp tax on the mortgage note is $0.35 per $100 of the loan, and intangible tax is 0.2% of the loan, both usually paid by the buyer.
- Who pays the owner’s title policy depends on the county: often the seller, but the buyer in some South Florida counties.
- Insurance is often the largest prepaid item: wind, and flood in flood zones, with an insurance escrow at closing.
- Property taxes are paid in arrears, so the seller credits the buyer for the months owed.
Questions
How much are closing costs in Florida for a buyer?
Often 2% to 5% of the price, higher than in many states because of the stamp and intangible taxes on the mortgage and the insurance prepaid. The closing costs calculator lets you enter your own figures.
Who pays documentary stamp tax in Florida?
By custom, the seller pays it on the deed and the buyer pays it on the mortgage note, though the contract can change that. See also: Mortgage loans in Florida.
Is flood insurance required in Florida?
Lenders require it in FEMA high-risk flood zones, and it’s worth considering elsewhere, since standard homeowners policies don’t cover flooding. See also: Mortgage loans in Florida.
Related
- Closing costs and cash to close calculator
- Property tax rates in Florida
- Discount points vs lender credits
- Closing costs and cash to close calculator
- Mortgage payment calculator
Closing costs in other states: California, Arizona, Ohio. All of Florida: mortgage loans in Florida.