Florida seller’s closing costs, line by line

The same $500,000 sale in two counties

5.5% commission, a $250,000 mortgage payoff, no repair credits. Everything is identical except one line:

The $2,575 difference is the owner's title policy. It is the same premium in both counties — rule 69O-186.003 sets it — but custom decides who pays, and custom is county by county. It is negotiable in either direction and almost never negotiated.

Reading a closing statement

What you will see on closing day is a settlement statement, and it has more lines than this — prorated property tax, prorated HOA dues, any outstanding CDD, recording fees, wire fees, and the buyer's side of the sheet as well. The lines above are the ones that determine the answer; the rest are usually small and always prorated to the day.

Prorated property tax is the one worth watching. Florida bills in arrears, so at closing you credit the buyer for the part of the year you owned the home. On a November closing that is most of the annual bill.

Where these numbers come from

Documentary stamps: chapter 201, Florida Statutes. Owner's title insurance premium: rule 69O-186.003, Florida Administrative Code — the premium is promulgated, so it is identical at every title company; only who pays it varies, and that is county custom rather than law. The $700 settlement fee is a reference. Prorated property tax, HOA dues and CDD assessments are not modelled here because they depend on the closing date; they appear on the real statement.

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