Buying a Condo in Miami? Here’s What No One Tells You About Closing Costs
So you’ve found the condo. Maybe it’s in Edgewater, maybe Brickell, maybe a hidden gem somewhere with a killer bay view and a solid HOA. You’ve run the numbers, your lender gave you the green light, and you're ready to make it official. But then… the closing costs hit.
Welcome to the part of the process most buyers don’t think about until they’re deep in it.
In Florida, closing costs can run you anywhere from 2% to 5% of the purchase price — which means on a $600K condo, you're looking at $12,000 to $30,000. That’s a real number, and it’s not always easy to wrap your head around when your focus has been on down payments and monthly payments.
So what exactly are you paying for? Here’s the breakdown:
Loan Origination Fees
This is what the lender charges to process your mortgage. Typically around 0.5% to 1% of your loan amount. It’s negotiable, so don’t be afraid to shop around.
Title Insurance
Think of this as protection against any hidden claims to the property. In Florida, this is usually a one-time fee between 0.5% and 1% of the purchase price. Worth every penny.
Recording Fees
Once you buy, the sale needs to be recorded with the county. This paperwork costs somewhere between $50 and $200.
Appraisal Fee
Lenders need to verify that the condo is worth what you’re paying. That costs about $300 to $600, depending on the property.
Survey Fee
If the lender wants to confirm boundaries or if it’s a standalone property with land involved, they might ask for a new survey. Expect around $300 to $600 — not always needed for condos.
Attorney Fees
Not required in Florida, but a good real estate attorney can give you peace of mind and catch things others might miss. Typical fees are $500 to $1,500, depending on complexity.
Escrow Fees
These are fees to the closing agent or title company for handling the money and documents. Usually $500 to $1,000.
Prepaid Expenses
You’ll likely prepay property taxes, insurance, and HOA fees at closing. These vary widely, but they can add a few thousand dollars depending on the timing and size of your unit.
Doc Stamps on the Deed
Florida charges a documentary stamp tax — basically a transfer tax — on the deed. Usually paid by the seller, but like anything else in real estate, it’s negotiable. It’s $0.70 per $100 of the sale price.
What Can You Do to Prepare?
Get an estimate early. Ask your lender or agent for a detailed estimate of what you’ll owe at closing. Don’t wait until the last minute.
Compare lenders. Some have lower origination fees or can structure things more favorably.
Negotiate. Depending on the market, sellers sometimes agree to cover part of your closing costs.
Look into assistance programs. If you’re a first-time buyer, ask about local or state programs that offer help with closing costs or down payment grants.
Closing costs aren’t the most exciting part of the process, but they’re real, and they matter. The more you understand them up front, the less stressful closing day becomes. Budget for them from the start, ask questions, and work with people who actually explain things instead of rushing you to sign.
If you want a quick breakdown of your potential closing costs based on your budget and the building you're eyeing, I’m happy to run the numbers with you.