Are you budgeting for a Miami home and wondering what closing costs will look like when you sit down to sign? You are not alone. Between Florida taxes, condo fees, and flood considerations, Miami-Dade closings can feel complex if you are new to the area. In this guide, you will learn what buyers typically pay, where the biggest costs come from, and how to verify and reduce fees so you close with confidence. Let’s dive in.
What Miami buyers pay
Most Miami buyers spend about 2 percent to 5 percent of the purchase price on closing costs, not including the down payment. Your total depends on your loan type, condo or single-family purchase, and which fees the seller agrees to cover. In Miami-Dade, totals can land near the higher side of that range because of a few local factors.
Biggest cost drivers in Miami-Dade:
- Florida documentary stamp and mortgage-related taxes
- Condo and HOA charges, including estoppel and transfer fees
- Flood insurance requirements in higher-risk areas
- State-regulated title insurance rates that scale with price
- Recording and documentary surcharges tied to sale price and documents
Exact amounts and who pays what vary by contract and building. Always confirm with your lender and title company before closing.
Typical closing costs
Below are common buyer charges. Amounts and allocation can vary by contract, lender, and property type. Verify locally for your specific address and loan.
Lender and mortgage fees
- Loan origination or underwriting: typically 0.5 percent to 1.5 percent of the loan amount
- Discount points: optional fee to lower your interest rate, each point equals 1 percent of the loan amount
- Application or processing fees: usually 300 to 1,000 dollars combined
- Credit report: about 20 to 60 dollars
Appraisal and inspections
- Appraisal: about 300 to 800 dollars, condo appraisals can run higher
- General home inspection: about 300 to 600 dollars; specialty inspections, like roof or mold, add cost
- Survey if required: about 300 to 1,000 dollars, common for single-family lots
Title, recording and settlement
- Lender’s title insurance: typically paid by the buyer, premium based on state rate schedule and loan amount
- Owner’s title insurance: often paid by the seller in parts of Florida, but this is negotiable and varies by county and contract
- Closing or settlement fee: about 200 to 800 dollars, who pays can vary
- Recording fees: about 50 to 500 dollars depending on the number of documents
- Notary and wire fees: modest flat charges
Florida and Miami-Dade taxes
- Documentary stamp tax on the deed: a state tax on property transfers, payment custom is negotiable
- Documentary stamp on notes and intangible tax on mortgages: apply when you finance, these are commonly paid by the borrower
- County recording charges: additional fixed fees for filing
Prepaids and escrows
- Prepaid interest: depends on your closing date and interest rate
- Homeowner’s insurance: often the first year due at closing
- Mortgage insurance: upfront premium for FHA can be financed, PMI for conventional is usually monthly
- Escrow reserves: lenders often collect at least two months for taxes and insurance, requirements vary by loan
Condo and HOA related fees
- Estoppel or resale certificate: about 100 to 400 dollars or more for condos
- Association transfer or move-in fees: amount and who pays depend on the building
- Condo questionnaire or document fees for the lender
- Special assessments or outstanding dues: may be prorated or paid at closing
Other common items
- Termite or WDO inspection: about 50 to 200 dollars
- Flood certification: small one-time fee ordered by your lender
- Title endorsements and miscellaneous recording charges
Florida and Miami-Dade taxes
Florida applies transaction taxes that many first-time Miami buyers do not expect. These include the documentary stamp tax on deeds, plus documentary stamp and intangible taxes on mortgages and promissory notes. In a financed purchase, the taxes tied to your mortgage are commonly paid by you as the borrower. Miami-Dade also charges recording and filing fees for documents.
Custom around who pays the owner’s title insurance policy can differ by county and even by neighborhood. In many Florida transactions, sellers have traditionally paid for the owner’s policy, while buyers pay for the lender’s policy and certain closing costs. In Miami-Dade, treat this as negotiable and confirm what your contract states.
Because tax rates and fee schedules can change, verify all current amounts with your title company, lender, and the county recorder before you finalize numbers.
Budget and avoid surprises
You can lower stress and keep your closing on track with a few simple steps.
- Budget 2 percent to 5 percent of the price for buyer closing costs, then add your down payment. If you are buying a condo in a flood-prone area, use the higher end of that range.
- Ask lenders for a Loan Estimate early so you can compare origination fees and prepaids.
- Review your Closing Disclosure at least three business days before closing. Confirm nothing changed from your Loan Estimate without explanation.
- Request quotes from at least two local title or settlement companies to compare closing fees and title premiums.
- For condos, confirm estoppel and transfer fees and the turnaround time as soon as your offer is accepted.
- Check the property’s flood zone early and get a flood insurance quote so the monthly and upfront cost do not catch you off guard.
- Ask about seller credits. Sellers can contribute to your closing costs within lender limits based on your loan type and down payment.
- Consider lender credits in exchange for a slightly higher rate if you need to reduce upfront cash.
Miami condo tips
Condos are common in Miami, and their paperwork can affect timing and cost.
Estoppel and transfer fees
Associations often require an estoppel or resale certificate that confirms dues and assessments. Fees typically range from about 100 to 400 dollars or more. These are sometimes charged to the seller by custom, but your contract controls who pays.
Lender condo review
Your lender may require a project review or extra documentation, especially for older buildings or those with repairs or litigation. This can add appraisal or document fees and can extend timelines. Build in a little extra time for condo underwriting.
Special assessments
Confirm current or pending assessments early. Assessments can affect eligibility for financing and may need to be paid or prorated at closing. Your title company and association documents should show any recorded liens.
Flood insurance costs
Many areas of Miami-Dade sit in FEMA Special Flood Hazard Areas. If your home is in one of these zones and you have a mortgage, flood insurance is required. Even outside high-risk zones, some lenders still require coverage.
Get quotes early. Flood insurance can be through the National Flood Insurance Program or a private policy, and premiums vary by location and building details. If your lender escrows insurance, expect to prepay some of the first year’s premium and fund reserves at closing.
Quick buyer checklist
Use this list to stay organized from offer to closing:
- Request a Loan Estimate from your chosen lender and compare at least two options
- Get title and settlement quotes, and confirm who pays for the owner’s policy in your contract
- Verify condo or HOA estoppel and transfer fees and their turnaround time
- Check the flood zone and obtain a flood insurance quote
- Review your Closing Disclosure at least three business days before closing
- Confirm documentary stamp, intangible, and recording taxes with your title company
Final thoughts for Miami buyers
Closing costs in Miami-Dade reflect state taxes, condo norms, and coastal risks, which means your total can look different than in other Florida counties. When you understand the moving parts and verify the numbers early, you protect your budget and your timeline. Lean on your lender and title company for exact figures, and negotiate credits where your loan program allows.
If you would like a friendly walkthrough of your estimate or a second look at your Closing Disclosure, our bilingual team is here to help. Preferimos español. Connect with Jessica Ozuna Torres for personalized guidance and next steps.
FAQs
How much are buyer closing costs in Miami-Dade?
- Plan for about 2 percent to 5 percent of the purchase price, not including your down payment, with totals influenced by Florida taxes, condo fees, flood insurance, and your loan.
Who usually pays the owner’s title policy in Miami?
- Custom varies by county and contract. In many Florida deals the seller has paid for the owner’s policy, but it is negotiable. Confirm what your purchase agreement states.
What Florida taxes will I pay as a Miami buyer?
- Expect documentary stamp and intangible taxes tied to your mortgage if you finance, plus county recording fees. The deed tax applies to the transfer and its payer is negotiable by contract.
Are condo or HOA fees part of Miami closing costs?
- Yes. Estoppel or resale certificates, transfer or move-in fees, and any prorated assessments can be due at closing, and they vary by association.
Can I roll closing costs into my mortgage in Miami?
- Sometimes. You can request lender credits or negotiate seller concessions, subject to loan program limits. Your lender will explain what is allowed for your loan type.
When will I get my final Closing Disclosure in Florida?
- Your lender must provide the Closing Disclosure at least three business days before closing, which gives you time to review and ask questions.
Will I need flood insurance for a Miami home?
- If the property is in a FEMA Special Flood Hazard Area and you have a mortgage, flood insurance is required. Get quotes early to understand both upfront and monthly costs.
