Closing costs in Miami

The Florida Department of Revenue explains that in every county except Miami-Dade the deed stamp tax is 70 cents per $100 of consideration (s. 201.02). In Miami-Dade it is 60 cents, plus a 45-cent surtax per $100 that is not due when the transfer is only a single-family residence, which the law says includes a condominium unit (s. 201.031). All parties are liable for the tax; who pays is agreed in the contract.

Section 201.08 sets the stamp tax on mortgages and notes at 35 cents per $100 of the debt. Section 199.133 adds a one-time, nonrecurring tax of 2 mills (2 dollars per thousand) on the amount secured by a mortgage. For example, on a $300,000 loan that is $1,050 in stamps and $600 in intangible tax. If you pay cash, neither applies.

Section 718.116 says a new unit owner is jointly liable with the previous owner for all unpaid assessments due up to the transfer. That is why the closing requests an estoppel certificate from the association showing what is owed. Title insurance, inspection, the appraisal if you finance and the title company's fees depend on each case and appear on the closing estimate. Ask Carolina for one with the price you have in mind.