Florida Closing Costs Explained: Who Pays What When You Buy or Sell at the Beaches

by Iva Zovko

Short answer: In Florida the seller customarily pays documentary stamp tax on the deed ($0.70 per $100 of price), while the buyer pays documentary stamps on the mortgage note ($0.35 per $100 of the loan) and the intangible tax on the mortgage ($0.20 per $100). Buyer closing costs usually run 2% to 5% of the price. Who pays title insurance varies by county and is negotiable.

What does the seller pay?

Documentary stamp tax on the deed: $0.70 per $100 of the sale price.
Listing-side costs, any agreed buyer-side commission, and payoff of existing liens.
Prorated property taxes and association dues up to closing.
The owner's title policy in many North and Central Florida counties, by custom. Confirm for Duval County in your contract.

What does the buyer pay?

Documentary stamps on the note: $0.35 per $100 of the loan amount.
Intangible tax on the mortgage: $0.20 per $100 of the loan amount.
Lender's title policy, recording fees, appraisal, inspections and lender fees.
Prorated taxes and dues from closing forward, plus prepaid insurance and escrow deposits.

What does a $720,000 purchase look like?

This example uses a $720,000 price (about the Jacksonville Beach median) and a 20% down payment, so the loan is $576,000.

Item	Who pays	Calculation	Amount
Doc stamps on deed	Seller	$720,000 ÷ 100 × $0.70	$5,040
Doc stamps on note	Buyer	$576,000 ÷ 100 × $0.35	$2,016
Intangible tax	Buyer	$576,000 × 0.002	$1,152
Buyer loan-tax subtotal	Buyer		$3,168

Title insurance, lender fees, inspections, insurance and prorations come on top. Ask your lender for a Loan Estimate and your closing agent for a net sheet.

Are there cases where doc stamps do not apply?

Cash buyers skip the note stamps and intangible tax, but the seller still pays deed stamps. Some transfers, such as certain deeds between spouses with no other consideration, may be exempt. Ask your title company.