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Closing Costs In Florida
State and County fees:
- 70 cents per $100 (.007) Documentary Stamps/State Tax on the Deed (Sales Price0
- 35 cents per $100 Documentary Stamps/State Tax on the mortgage
- 20 cents per $100 Intangible Tax/County Tax on note, bond or any other obligation for payment .
- $10 first page, Recording charges
Owner's mortgage policy of Title Insurance:
- Up to 100,000 $5.75 per 1,000
- Up to 1,000,000 $575 for first 100,000 plus
$5.00 per 1,000 thereafter
- Up to 5,000,000 $5,075 for first 1,000,000 plus
$2.50 per 1,000 thereafter
PURCHASE EXAMPLE:
$300,000 sales price, $270,000 loan amount
Doc Stamps on Deed= $2,100
(.70 X 3000= $2,100)
Doc Stamps on Mortgage= $945
(.35 X 2,700)
Intangible Tax= $540
(.20 X 2700= $540)
Title Insurance Premium= $1,575
($575 + (5.00 X 200)= $1,575)
Record 12 pages= $103.50
($10 + 11 x $8.50= $103.50)
Sample grid for Florida home purchase taxes & Title Insurance (excl. Miami-Dade County):
|
Loan Amount
|
Title Insurance
w/o Prior Policy discount*
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County Tax on Mortgage
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State Tax on Mortgage**
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$150,000
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$825
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$300
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$525
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$200,000
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1,075
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400
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700
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$250,000
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1,325
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500
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875
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$300,000
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1,575
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600
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1,050
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$350,000
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1,825
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700
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1,225
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$400,000
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2,075
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800
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1,400
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$450,000
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2,325
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900
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1,575
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$500,000
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2,575
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1,000
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1,750
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$550,000
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2,825
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1,100
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1,925
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$600,000
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3,075
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1,200
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2,100
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$650,000
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3,325
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1,300
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2,275
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$700,000
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3,575
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1,400
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2,450
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$750,000
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3,825
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1,500
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2,625
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$800,000
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4,075
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1,600
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2,800
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$850,000
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4,325
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1,700
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2,975
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$900,000
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4,575
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1,800
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3,150
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$950,000
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4,825
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1,900
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3,325
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$1,000,000
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5,075
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2,000
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3,500
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* To qualify for the prior policy discount, Borrower must provide a copy of their previous Title Insurance Policy, and policy must be less than 3 yrs old for the discount to apply to a purchase. The discount amount is based upon the amount of the prior policy. The cost of a simultaneously issued Lender’s policy in a purchase transaction is $150.
Refinance
Property taxes are due in November.
There is a doc stamp of $3.50 per thousand and an intangible tax of $2.50 per thousand required on every refinance in Florida. There are not any additional transfer taxes for cash out, just use the new loan amount to calculate the doc stamps and intangible tax.
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