Buying or selling in Coral Gables and wondering how much to set aside for closing? You are not alone. Closing costs can feel hidden until the last minute, and that makes planning tough. The good news is you can estimate most of them upfront and even negotiate a few to fit your deal. In this guide, you will see what typical costs look like for buyers and sellers in Coral Gables, how Florida taxes and title fees show up on your statement, and where you can find savings. Let’s dive in.
What closing costs include in Coral Gables
Closing costs are the one-time expenses to finalize your sale or purchase. They cover title, taxes, lender and recording fees, plus prorations for items like property taxes and HOA dues.
- Buyers in Coral Gables usually budget about 2%–5% of the purchase price in closing costs, excluding the down payment.
- Sellers usually plan for 6%–10% of the sale price when you include commission. If you remove commission, non-commission seller costs are commonly 1%–3%.
These ranges vary by property type, loan program, and what gets negotiated in your contract.
Buyer closing costs: what to expect
Loan fees and appraisal
If you finance, your lender may charge an origination or processing fee that is a percentage of the loan or a flat amount. Appraisals in the Miami area often run from a few hundred dollars and can be higher for condos that require more review. Small lender items also appear, like credit reports and tax service fees. You may also choose to pay discount points to lower your rate.
Title, settlement, and recording
Buyers typically pay for the lender’s title insurance policy, which is priced by a regulated schedule in Florida based on the loan amount. You will also see a settlement or closing fee from the title company or attorney. Recording fees to register the mortgage and other documents with Miami-Dade County usually total a few hundred dollars.
State and mortgage taxes
When you take a mortgage in Florida, two common taxes apply to the loan: a documentary stamp tax on the promissory note and an intangible tax on the new mortgage. These are calculated on the loan amount. In practice, buyers usually pay these loan-related taxes unless the contract says otherwise.
Prepaids and escrow deposits
Most lenders collect your first year of homeowner’s insurance at closing. They also set up an escrow account, often with a few months of property taxes and insurance, so your future bills can be paid on time. Expect prorations for HOA or condo dues so each party pays their fair share for the month of closing.
Inspections and due diligence
Plan for a general home inspection and a separate pest or termite inspection. Condo buyers often review association documents and may hire an attorney for a legal review. These costs are out of pocket before closing.
Quick buyer checklist
- Estimate 2%–5% of price for closing costs, plus your down payment
- Lender fees, appraisal, and optional rate points
- Lender’s title policy, settlement fee, recording
- Prepaids: insurance, tax and insurance escrows, HOA prorations
- Inspections and any condo document review
Seller closing costs: what to expect
Commission
Commission is typically the largest seller expense and is negotiated in the listing agreement. In South Florida, a common range is 5%–6% of the sale price, split between the listing and buyer’s agents.
Title policy and transfer taxes
In our area, sellers commonly pay for the owner’s title insurance policy in a purchase, priced by Florida’s regulated rate schedule. Florida also charges a documentary stamp tax on the deed that is calculated on the consideration on the deed. It is customary in many Florida transactions for the seller to pay this deed tax, but it can be negotiated.
Prorations, HOA items, and payoffs
You will credit the buyer for property taxes based on the closing date. For condos and homes with associations, an estoppel letter is required; the association charges a fee for this statement, often in the low to several hundreds of dollars in Miami-Dade. Any mortgages, liens, or special assessments due at closing are paid from your sale proceeds.
Concessions and repair credits
Buyers may ask for a credit after inspections or request that you cover part of their closing costs. These concessions can improve the buyer’s approval or make your listing more competitive. They reduce your net proceeds at closing.
Quick seller checklist
- Commission per your listing agreement
- Owner’s title policy and deed documentary stamp tax
- Recording and lien release fees
- Prorated property taxes and HOA dues, plus estoppel fees
- Mortgage and assessment payoffs, plus any repair or buyer credits
Florida and Miami-Dade taxes to know
Florida applies documentary stamp taxes and an intangible tax in many real estate transactions.
- Deed documentary stamp tax. Calculated by a set amount per $100 of the deed’s consideration. Custom often has the seller paying this, but contracts can shift responsibility.
- Note documentary stamp tax and intangible tax. When a buyer takes a mortgage, the promissory note is usually taxed by documentary stamps, and the mortgage is taxed by an intangible tax. These are calculated on the loan amount and are typically paid by the borrower.
- County recording fees. Miami-Dade County charges to record the deed, mortgage, and related documents. The total usually lands in the few hundreds depending on how many items are recorded.
Your title company will calculate these exactly on your Closing Disclosure.
Credits, concessions, and rate buydowns
Seller credits can reduce the cash a buyer needs to close or help the buyer qualify.
- Closing cost credits. A seller can credit the buyer for lender fees, prepaids, or escrow deposits. Loan programs often limit the maximum credit.
- Seller-paid points. Paying discount points can lower the buyer’s mortgage rate, which can help affordability in luxury price points.
- Repair credits or escrow holdbacks. If inspections uncover issues, the parties may agree to a credit or to hold funds in escrow until work is complete.
- Program limits. FHA commonly allows seller concessions up to 6% of the price for certain items. VA has specific rules and allows defined concessions, often cited up to 4% for some items. Conventional loans cap seller contributions based on down payment, often in the 3%–9% range. Your lender will confirm the current limit for your loan.
Condo and HOA specifics in Coral Gables
Condos and HOA communities are common in Coral Gables, so plan for association-related items.
- Estoppel letters. Associations charge a fee to issue a payoff or estoppel statement. In Miami-Dade, this is commonly in the low hundreds to several hundred dollars. This document is required for most condo closings.
- Document review. Buyers should review budgets, reserves, and meeting minutes. You may hire an attorney for added peace of mind.
- Special assessments. If an assessment is due, the contract will say who pays. Many sellers clear assessments that are due at or before closing.
What to budget: buyers vs. sellers
Buyer budgeting steps
- Set aside 2%–5% of the price for closing costs
- Add inspections and appraisal
- Include lender’s title policy, recording, and settlement fees
- Prepay one year of homeowner’s insurance and fund escrows
- Ask about seller credits or rate buydown options
Seller budgeting steps
- Plan for 5%–6% commission unless negotiated otherwise
- Add owner’s title policy and deed documentary stamp tax
- Include HOA estoppel fees, recording and release fees
- Prorate property taxes through closing date
- Account for mortgage payoffs and potential repair or buyer credits
Sample Coral Gables scenarios
- Example A: $500,000 single-family home. Seller pays 5% commission ($25,000). Other seller costs such as title, deed tax, prorations, and HOA often add about 1%–2% ($5,000–$10,000), for roughly 6% total. Buyer closing costs are often 2%–4% ($10,000–$20,000) plus down payment.
- Example B: $1,000,000 luxury sale. Seller pays about 5% commission ($50,000) plus 1%–2% in other costs ($10,000–$20,000), or about 6%–7% total. Buyer costs often fall around 2%–4% in this price band.
- Example C: Condominium with association. Plan for an estoppel fee that can range from the low hundreds to several hundred dollars, plus any condo document review or attorney fees. If a special assessment is due, it must be addressed in the contract and paid according to the agreed terms.
Avoid common surprises
- Ask your lender for a detailed Loan Estimate early and a final Closing Disclosure before you sign. This shows taxes, title, and every fee in one place.
- Confirm in writing who pays each tax and fee in your contract. Custom is helpful, but your contract controls.
- For condos, order the estoppel and association documents early to keep your closing on schedule.
- Consider whether a seller credit or rate buydown improves your outcome more than a simple price change.
Ready to map out your numbers with a clear plan? With a title-agency background and two decades of Miami experience, I will help you anticipate costs, structure smart concessions, and close with confidence. Reach out to Surelis Yanes to get your personalized closing cost estimate.
FAQs
Who usually pays the owner’s title policy in Florida?
- Local custom often has the seller paying for the owner’s title insurance policy, though the contract can assign it differently.
What are Florida documentary stamp taxes and who pays them?
- Florida charges documentary stamp taxes on deeds and on promissory notes, plus an intangible tax on new mortgages; sellers commonly pay the deed tax while buyers typically pay the loan-related taxes unless negotiated otherwise.
How are property taxes handled at closing in Miami-Dade?
- Property taxes are prorated based on the closing date so the seller pays through closing and the buyer takes responsibility after, per the contract.
Can a seller pay a buyer’s closing costs in Coral Gables?
- Yes, seller credits are common, but the maximum allowed depends on the loan program and must comply with program rules.
How big are HOA or condo estoppel fees in Coral Gables?
- Estoppel fees are commonly in the low hundreds to several hundred dollars in Miami-Dade and are required to produce the association’s official statement.
What are typical real estate commissions in Coral Gables?
- Commissions are negotiated, but a common range in South Florida is about 5%–6% of the sale price, usually split between the listing and buyer’s agents.
