Buying in Fort Lauderdale and not sure how much cash you need at the closing table? You are not alone. Closing costs can feel confusing, especially with Florida taxes and condo fees in the mix. In this guide, you will learn what buyers typically pay in Broward County, what is different in Florida, and how to plan a realistic budget. You will also get a simple checklist and example estimates you can use today. Let’s dive in.
Key takeaway: what to budget
If you are financing, plan for about 2% to 5% of the purchase price in buyer closing costs, not including your down payment. If you are paying cash, plan for about 0.5% to 2%. Condos often include association application and move-in fees, while single-family homes often include a survey. Your final number depends on your loan, insurance, flood zone, and any seller credits you negotiate.
What buyer closing costs include
Lender-related fees
- Loan origination, processing, underwriting, and application fees. These vary by lender and program.
- Appraisal fee, typically paid before or at closing.
- Credit report, flood certification, and any loan-specific charges such as discount points or a VA funding fee.
Title and settlement
- Lender’s title insurance policy is required when you finance. Owner’s title insurance is optional but strongly recommended.
- Title search and examination, settlement or escrow fee, and document preparation.
- Recording fees to file the deed and mortgage with Broward County.
Florida taxes on mortgages
- Documentary stamp tax on the promissory note when you take out a mortgage. Historically this is $0.35 per $100 of the mortgage amount. Confirm current rates with the Florida Department of Revenue.
- Intangible tax on new mortgages recorded in Florida. Historically this is $0.002 per $1 of the mortgage amount. Confirm the current rate with the Florida Department of Revenue.
- Documentary stamps on the deed are commonly paid by the seller in Florida, but this is negotiable in your contract.
Prepaids and escrow start-up
- First year of homeowners insurance is often due at closing or must be paid in full before closing.
- Flood insurance if required by your lender. Premiums vary widely based on risk and property characteristics.
- Property tax prorations based on the closing date.
- Initial deposits into your escrow account for taxes and insurance, often with a small cushion allowed by federal rules.
Third-party reports and inspections
- General home inspection, termite or pest inspection.
- Survey for most single-family homes, unless your lender accepts an alternative.
Condo and HOA fees
- Association application and background screening fees.
- Estoppel or resale certificate, move-in or move-out fees, transfer or administrative fees, and possible capital contributions. Responsibility for these fees depends on the contract.
Optional or negotiable
- Owner’s title insurance can sometimes be negotiated for the seller to pay.
- Seller credits toward buyer closing costs are possible within loan program limits.
- Realtor commission is normally a seller expense, not a buyer closing cost.
Typical cost ranges in Fort Lauderdale
- Lender fees and points: $1,000 to $6,000+.
- Appraisal: $450 to $900.
- Title insurance and settlement: $800 to $3,000, based on price and policy type.
- State taxes on your mortgage: combined documentary stamp on the note plus intangible tax often total about 0.5% to 0.6% of the mortgage amount. Confirm current rates with the Florida Department of Revenue.
- Homeowners insurance (first year): $1,000 to $4,000+.
- Flood insurance if required: varies from a few hundred to several thousand per year, based on risk.
- Property tax proration: varies by assessed value and closing date.
- Condo application and estoppel or resale certificate: about $100 to $500+.
- Survey for single-family homes: $300 to $900.
- Home and termite inspections: $300 to $800 combined.
Condo vs. single-family: what changes
Condominiums
- Expect an association application fee, screening fee, and an estoppel or resale certificate, often in the $100 to $500+ range. Move-in or transfer fees can apply.
- Lenders sometimes charge a condo review fee and may have additional project requirements.
- A survey is typically not required for a condo, which can save about $300 to $900.
- You usually insure the unit interior and contents. Flood insurance may still be required if the building is in a flood zone.
Single-family homes
- A survey is commonly required or recommended and typically costs $300 to $900.
- Inspections may expand to septic, well, or other systems where applicable.
- You avoid condo administrative fees, though HOA neighborhoods can still have application or transfer fees.
Sample estimates you can use
These are planning figures. Always verify exact numbers with your lender, title company, and association.
Scenario A: $400,000 single-family, 20% down (financed)
- Estimated total buyer closing costs: about $8,000 to $12,000.
- Typical components:
- Lender fees: $2,000 to $5,000
- Title and recording: $1,000 to $2,000
- Prepaids and escrow start-up: $2,000 to $4,000
- State mortgage taxes and other costs: about $1,000+
- Survey and inspections: $600 to $1,700 combined
Scenario B: $300,000 condo, 10% down (financed)
- Estimated total buyer closing costs: about $6,000 to $10,000.
- Typical components:
- Lender fees: $1,500 to $4,000
- Title: $800 to $1,800
- Prepaids and insurance: $1,000 to $3,000
- Condo application and estoppel or resale certificate: about $150 to $400
- State mortgage taxes: about 0.5% to 0.6% of the loan amount
How to lower out-of-pocket costs
- Request a Loan Estimate from at least two lenders and compare itemized fees line by line.
- Ask the seller for a closing cost credit, subject to your loan program’s limits. FHA commonly allows up to 6% toward certain buyer costs. Confirm current limits with your lender.
- Consider lender credits in exchange for a slightly higher rate if that helps your cash flow.
- Negotiate who pays for the owner’s title policy where customary.
- Get homeowners and flood insurance quotes early. Coverage choices can affect your prepaids and escrow.
- Check the property’s flood zone status and association fee schedule as soon as you go under contract.
Documents and timing you can expect
- Your lender must deliver a Loan Estimate within three business days of your application. This outlines your expected closing costs.
- You must receive a Closing Disclosure at least three business days before closing. Review every line and ask questions immediately if something looks off.
- Use these disclosures to compare lenders and to confirm that final fees match what you were quoted.
Where to verify exact numbers
- Florida Department of Revenue for current documentary stamp and intangible tax rates on mortgages.
- Broward County Clerk and Comptroller for recording fees and procedures.
- Broward County Property Appraiser for parcel tax data, millage info, and tax history.
- Consumer Financial Protection Bureau for Loan Estimate and Closing Disclosure guidance.
- HUD, FHA, and VA program resources for seller concession limits and program rules.
- Local title companies and lenders for exact title premium schedules and lender fees.
- Your condo association or property manager for application, estoppel or resale certificate, and move-in fee schedules.
Ready to run your numbers?
You deserve a clear, stress-free path to the closing table. If you want a precise estimate tailored to your property type, loan, and timing, our team can coordinate quotes from lenders, insurance providers, and title so you know exactly what to expect. Connect with Hector A Valdes to plan your purchase with confidence.
FAQs
How much should a Fort Lauderdale buyer budget for closing costs?
- If you are financing, plan for about 2% to 5% of the purchase price; if you are paying cash, plan for about 0.5% to 2%, excluding the down payment.
Who pays Florida documentary stamps and intangible tax on mortgages?
- Buyers commonly pay the documentary stamp tax on the mortgage note and the intangible tax on the new mortgage, while sellers commonly pay documentary stamps on the deed, but this can be negotiated in your contract.
What condo-related fees should I expect at closing in Broward?
- Expect an association application fee, screening fee, and an estoppel or resale certificate, plus possible move-in or transfer fees and capital contributions, with amounts set by the association.
Can I reduce my out-of-pocket closing costs as a buyer?
- Compare Loan Estimates from multiple lenders, request seller credits within program limits, consider lender credits, and negotiate who pays for the owner’s title policy where customary.
Will my lender require an escrow account for taxes and insurance?
- Many lenders require escrow for certain loan types, so plan for initial deposits at closing and confirm the requirement on your Loan Estimate.
How do Fort Lauderdale flood zones affect closing costs?
- If the property is in a Special Flood Hazard Area, your lender will require flood insurance, and premiums can vary from a few hundred to several thousand dollars annually based on risk.
