Are you planning to buy in Coral Gables and wondering how much cash you will need at closing beyond your down payment? You are not alone. No one likes surprises in the final stretch. In this guide, you will learn what buyers in Miami‑Dade typically pay, how condo costs differ from single‑family homes, what is negotiable, and a simple way to estimate your cash to close with real‑world examples. Let’s dive in.
What buyers usually pay
Closing costs in Miami‑Dade commonly land in the low single‑digit percentage range. A practical planning range is about 2% to 4% of the purchase price, not including your down payment. Your actual number depends on your loan, title allocations, flood insurance, and any condo or HOA fees.
Loan and lender fees
- Loan origination, processing, and underwriting fees set by your lender.
- Credit report and application fees.
- Appraisal fee. Condo appraisals can be higher due to added analysis.
- Any lender‑required inspections.
Title, settlement, and recording
- Owner’s title insurance policy. Who pays is negotiable by contract.
- Lender’s title insurance policy if you finance.
- Title search, closing or settlement, and escrow fees.
- Recording fees for your mortgage and other documents.
Florida taxes you can expect
- Documentary stamp tax on the deed. In many Florida contracts the seller pays, but confirm in your contract.
- Documentary stamp tax on the mortgage and intangible tax on the mortgage. Buyers paying with a loan typically pay these.
Prepaids and escrow deposits
- Homeowner’s insurance premium, paid in advance.
- Flood insurance if required or recommended.
- Initial escrow deposits for taxes and insurance. Lenders often collect several months upfront.
- Daily interest from the funding date to your first payment.
Inspections and surveys
- General home inspection, pest inspection, and any specialty inspections.
- Survey for single‑family homes if required.
Condo and HOA costs
- Association transfer and estoppel fees.
- Application or background check fees.
- Move‑in or processing fees, possible capital contribution, or first‑month dues. Amounts vary by building and can range from a few hundred to several thousand dollars.
Taxes and prorations
- Property taxes are prorated between buyer and seller at closing based on the most recent bill. Title will use the local tax records to calculate the credit or charge.
- Any municipal or special assessments are allocated per the contract.
Florida taxes and recording basics
Florida closing costs include statutory items set by the state and recorded by the county. Title companies compute and collect these at closing.
Documentary stamps and intangible tax
- Deed documentary stamp tax is calculated per $100 of the purchase price. Many Florida contracts allocate this to the seller, but it is a negotiable contract point.
- Mortgage documentary stamp tax and the state intangible tax are calculated from the loan amount. Buyers who finance typically pay these.
Recording fees
- Miami‑Dade charges per‑document and per‑page fees to record the deed, mortgage, and related instruments. Title will itemize these.
Title insurance and settlement fees
- Florida uses filed rates for title insurance premiums. You will see separate owner’s and lender’s policy figures. Owner’s policy payment is a negotiable contract term.
- Title search, settlement, and escrow handling are charged by the title company and vary by complexity.
Property tax proration
- A common method uses the prior year’s tax bill: (annual tax / 365) × days the seller owned the property in the tax year. The title company will compute the exact proration.
Flood and special assessments
- Many Coral Gables properties are in flood zones. Your lender may require flood insurance. Pricing depends on the property’s zone and elevation.
- Any special district or municipal assessments will be identified by the title company and assigned per the contract.
Estimate your cash to close
Use this repeatable method to build a reliable estimate:
- Set your purchase price and down payment to calculate your loan amount.
- Request a Loan Estimate from your lender. This includes lender fees, prepaids, and an initial escrow estimate.
- Ask the title company for a preliminary settlement statement with title premiums, recording, and estimated prorations.
- Contact the condo or HOA for written estoppel and transfer fee schedules, plus any capital contributions or first‑month dues.
- Get quotes for appraisal, inspections, and any required survey.
- Have the title company compute Florida documentary stamp taxes and intangible tax based on your loan and contract.
- Add prepaid insurance and daily interest.
- Add tax and HOA prorations, then subtract any seller credits.
- Sum everything: down payment + buyer closing costs + prepaids and escrows − seller credits.
Handy formulas
- Mortgage documentary stamp tax = mortgage amount × applicable rate per $100.
- Intangible tax = mortgage amount × applicable rate.
- Recording fees = base fee + per‑page fees by document type.
- Property tax proration = (annual tax / 365) × days per contract.
Your lender’s Loan Estimate early on and the Closing Disclosure three business days before closing are your most accurate guides. The title company’s closing statement will mirror those figures and detail prorations and county items.
Coral Gables examples
The following examples are planning illustrations. Actual figures vary by lender, building, title company, and contract terms. Down payments are excluded.
Example A: Condo at $600,000 (20% down; $480,000 loan)
- Lender fees, appraisal, underwriting: $2,000 to $6,000
- Appraisal (condo): $500 to $1,000
- Title and escrow fees, recording: $1,200 to $2,500
- Documentary stamp and intangible taxes on mortgage: about $2,600 (title company will compute exact)
- Title insurance premiums (owner and lender): about $1,500 to $4,000
- Prepaid insurance, initial escrow, and interest: $1,500 to $4,500
- HOA transfer, estoppel, and application fees: $250 to $2,000
- Inspections and possible survey: $400 to $1,200
Estimated buyer closing costs: roughly $12,000 to $21,000 (about 2.0% to 3.5% of price)
Example B: Single‑family home at $1,200,000 (20% down; $960,000 loan)
- Lender fees and appraisal: $3,000 to $8,000
- Title and escrow fees, recording: $1,500 to $4,000
- Documentary stamp and intangible taxes on mortgage: several thousand dollars (title company computes exact)
- Title insurance premiums (owner and lender): $3,000 to $9,000
- Prepaids and escrow deposits: $3,000 to $10,000
- Inspections, survey, pest: $500 to $2,000
Estimated buyer closing costs: roughly $24,000 to $42,000 (about 2.0% to 3.5% of price)
Condo vs single‑family costs
Both property types add unique costs in Coral Gables. Condos often have predictable association fees like transfer, estoppel, application, and possible capital contributions. These vary by building and can be material. Single‑family purchases may involve surveys, different insurance requirements, and higher inspection scope. Your title officer and lender can tailor estimates to the property.
What is negotiable
- Owner’s title insurance: who pays is a contract term. Clarify it in your offer.
- Seller concessions: you can request that the seller cover certain closing costs or provide a credit.
- HOA and special assessments: allocate responsibility in the contract.
- Repairs: decide between seller‑completed repairs before closing or a closing credit.
Your Coral Gables closing checklist
Gather these items early so your numbers are accurate:
- Loan Estimate from your lender.
- Preliminary settlement statement from the title company.
- HOA or condo estoppel and transfer fee schedule in writing.
- Most recent Miami‑Dade property tax bill for the property.
- Flood zone determination and insurance quote if applicable.
- Any known assessments or association notices for budgeting.
When to expect final numbers
You will receive a Loan Estimate shortly after applying for your mortgage. Three business days before closing, you will receive a Closing Disclosure with your near‑final numbers. The title company will deliver a closing statement that aligns with those figures, including prorations and recording items. Review these documents carefully and ask questions early so funding and keys are smooth.
If you want property‑specific guidance, a concierge‑style review of your contract terms, and introductions to trusted local lenders and title partners, the Cromer Team is here to help. Request a private, confidential conversation tailored to your timeline and goals.
Request a Private Consultation with the Cromer Team
FAQs
How much are buyer closing costs in Coral Gables?
- Plan for about 2% to 4% of the purchase price for buyer closing costs, excluding your down payment. Exact figures depend on your loan, title allocations, insurance, and any condo or HOA fees.
Who pays Florida documentary stamp tax on the deed?
- Many Florida contracts allocate deed documentary stamps to the seller, while the buyer typically pays mortgage documentary stamps and intangible tax when financing. Confirm your contract and title estimate.
Do Coral Gables condos add extra closing fees?
- Yes. Expect association transfer and estoppel fees, application or move‑in charges, and possible capital contributions or first‑month dues. Amounts vary by building and can be several hundred to several thousand dollars.
Will my lender require an escrow account in Florida?
- Most lenders require escrow accounts for property taxes and insurance, collecting several months upfront at closing. This increases cash to close but smooths future payments.
How are Miami‑Dade property taxes prorated at closing?
- Title companies commonly use the prior year’s tax bill. A typical formula is (annual tax / 365) × the seller’s days of ownership in the tax year, with a credit or charge applied at closing.
Do I need flood insurance in Coral Gables as a buyer?
- Many properties are in designated flood zones. Lenders may require flood insurance for financed purchases. Ask for a flood zone check and insurance quote early in your inspection period.
