Miami Condo Closing Costs, Explained

Closing costs in Florida are part statute, part local custom. Here's what shows up on a Miami-Dade condo settlement statement and who usually pays it.

The taxes Florida charges on a sale

Documentary stamp tax on the deed — statewide $0.60 per $100 of price. Miami-Dade adds a $0.45/$100 surtax on property that is not a single-family dwelling, which commonly applies to condos (so many condo deeds are taxed at $1.05/$100). Whether a given residential condo qualifies for the single-family exemption is fact-specific — your title company decides. Customarily the seller pays the deed doc stamp (it's negotiable). See the Florida DOR doc-stamp overview.

If you finance, you also pay on the loan:

• Doc stamps on the note: $0.35 per $100 of the amount financed.
• Intangible tax: 2 mills — $0.002 per $1 — on the mortgage.

On a $525,000 loan that's about $1,838 (note stamps) + $1,050 (intangible) ≈ $2,888, customarily paid by the buyer.

Title insurance — a Miami-Dade quirk

Title insurance premiums are set by county custom, not statute. In Miami-Dade the buyer customarily pays for — and chooses — the owner's title policy, which is the opposite of the seller-pays norm in much of Florida. Budget accordingly; it's often the single largest line item. See who pays title insurance in Florida.

The rest of the settlement statement

• Lender fees (if financing): origination, appraisal, credit.
• Recording fees for the deed and mortgage.
• HOA estoppel + transfer fees — the association charges to certify what's owed; a capped statutory fee plus any transfer/application fees.
• Prepaids/escrows — prorated taxes, HOA dues, and your lender's tax/insurance escrow cushion.

A realistic total

For most Miami condo buyers, closing costs land around ~2–5% of the purchase price — toward the higher end when you're financing (loan taxes + prepaids). A cash buyer avoids the note stamps, intangible tax, and lender fees, so their closing costs are meaningfully lower.

Questions to ask

• Which party is paying the deed doc stamp in my contract?
• Is my condo being charged the $0.60 or the $1.05 doc-stamp rate — and why?
• What's the HOA estoppel/transfer fee for this building?

The bottom line

Plan for ~2–5% on top of your down payment, know that in Miami-Dade you likely pay for title insurance, and read the estimated settlement statement line by line before closing. For total-cost context, see how much it costs to buy.

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This guide is general education, not legal, tax, or financial advice. Rules and figures change and vary by building and situation — confirm the specifics with a licensed Florida real-estate agent, attorney, lender, and CPA before you act. Listing data is deemed reliable but not guaranteed.