What Are Closing Costs in Florida?
When buying or selling property in Fort Lauderdale or anywhere in South Florida, closing costs represent a significant financial consideration that many buyers and sellers overlook. Understanding these costs before entering a real estate transaction helps you budget accurately and avoid surprises at the closing table.
In Florida, closing costs typically range from 2% to 5% of the purchase price. These costs cover a variety of fees and expenses required to finalize the property transfer under Florida law. Buyers and sellers across South Florida rely on a Fort Lauderdale closing attorney to review the contract, the title commitment, and the closing documents before the deal closes.
Common Closing Costs for Buyers
Florida buyers should anticipate several categories of closing costs:
- Title Insurance: In most South Florida transactions, the seller pays for the owner’s title insurance policy. However, in Miami-Dade and Broward counties, local custom may vary.
- Lender’s Title Insurance: If you’re financing your purchase, your lender will require a separate title insurance policy.
- Documentary Stamps: Under Florida Statute 201.02, documentary stamps are levied on the deed at a rate of $0.70 per $100 of the purchase price (except in Miami-Dade County, where the rate is $0.60).
- Recording Fees: Broward County charges recording fees based on the number of pages in the recorded documents.
- Survey: A current survey may be required by your lender or title company.
How an Attorney Can Help
Having an experienced real estate attorney review your closing documents protects your investment. I personally review every closing document, title commitment, and survey to identify potential issues before they become costly problems.
If you’re planning a real estate transaction in Fort Lauderdale or Broward County, call (954) 536-7557 for a consultation about your closing costs and legal representation needs. Eric J. Goldman handles these matters as a Broward County real estate attorney and also represents clients in Miami-Dade and Palm Beach counties.
Frequently Asked Questions
Who pays closing costs in Florida?
In Florida, closing costs are typically split between the buyer and seller. The seller usually pays for the owner’s title insurance and documentary stamps on the deed, while the buyer pays for the lender’s title insurance, survey, and recording fees.
How much are closing costs in Broward County?
Closing costs in Broward County typically range from 2% to 5% of the purchase price, depending on the transaction type, financing, and specific fees involved.
