Florida's title insurance premium is based on a promulgated rate calculation, which is determined by the state of Florida and is based on the purchase price as follows: The 2021 promulgated rates for title insurance in Florida are calculated as follows:
The first $100,000 of the purchase price is calculated at $5.75 per thousand or( $575)
For the amount of the purchase price over $100,000 up to $1,000,000 it is calculated at $5.00 per thousand
Sellers will pay Documentary Stamp Tax based on the purchase price of your home. Documentary Stamps on the Deed – varies with price of the home: Also called a “transfer tax”, this tax is paid to your local county when the deed is recorded. In all Florida counties other than Miami-Dade, it is calculated as $0.70 per $100 (or portion thereof) paid for the property. For a home with the median sales price of $275,000, the document stamps would be $1,925. In Miami-Dade county, the rate is $0.60 for single family homes, with a surcharge for other types of properties. Document stamps are separate from the mortgage tax and intangible tax paid by the buyer.
Transfer Taxes – varies with amount of the mortgage: Just as the seller typically pays the for the document stamps on the deed, the buyer typically pays document stamps on the mortgage, as well as the intangible tax for the mortgage. These amounts are based on the amount of the mortgage, not the purchase price of the property. The doc stamps are $0.35 per $100 or portion thereof, while the intangible tax is 0.2% of the amount secured.
Home inspection – Conducted before closing, a home inspection will reveal any major issues with a home such as structural or foundational damage. Costs vary by company and the scope of the inspection.
Recording Fees – varies by county: This fee covers the cost of registering the sale and transfer of your property. Once the deed of transfer is recorded, it will become part of the public record.
Appraisal – $300 to $500: An appraisal determines the value of a home to assure the lender the property is indeed worth the amount they are giving the buyer.
Survey (optional) – $350 to $500: Many lenders will require a survey of the property to determine the location of any buildings and the property's boundaries. Costs typically vary depending on lot size and type of property.
Loan origination fees (optional) – These costs relate to any associated loan fees including application fees, prepaid interest, and loan origination fees. While a loan is optional, these will be present if a mortgage is secured to purchase the home. Please consult with you lender for an estimate of these fees.
Credit report – $25 to $75: This fee covers the cost for the lender to pull the buyer's credit history and credit score.