Savvy homebuyers know how to budget and save money for all the costs and unexpected expenses associated with buying a home. There is nothing more disastrous in home-buying than getting caught off-guard with unforeseen closing costs. When you’re buying a Miami real estate property, whether a condo, detached home or commercial, you should know just what types of closing costs are there in the city or in the entire South Florida, for that matter.
The Numbers
As a homebuyer, you should already know that the closing day expenses are a major factor involved in buying a real estate property. If, however, you’re in the city out browsing prospective Miami real estate property, you must realize that the city has the fourth highest closing costs as of 2008. The closing costs in Miami average of as much as $4,000. Of course there are several factors that can affect the actual closing day costs; it’s crucial to be prepared and have extra cash ready.
Nevertheless, here is a list of the most common closing costs associated in buying a Miami real estate property:
1. Doc stamp on the deed and mortgage
There are two documents stamps you need to save for: mortgage and deed. Doc stamps on your mortgage normally run around $0.50 or so for every hundred dollars of your total mortgage amount. The doc stamps on the deed, however, will cost you around $0.60 or so for every hundred dollars of the total home price.
2. Mortgage Intangible Tax
You should also be prepared to pay a certain amount of intangible tax. The Miami-Dade County generally imposes this tax on the amount of mortgage borrowed. Expect to pay at least $0.20 per $100.
3. Title Insurance
The title insurance fee is a crucial closing day cost that will protect you for any errors during the processing of your title. Any errors will pose serious ownership problems in the future. In Florida, the title insurance is assessed for every thousand dollars of the purchase price of your home. The actual rates, however, are based on a tiered structure. For instance, if your home is worth around a million dollars, expect to pay $2.50 or so for every $1,000.
4. Other Fees
Lastly, there are several other closing costs associated with a Miami real estate property purchase. The recording fees, for instance, is required for each page of the documents related to the purchase. Other costs include inspection fees, services fees and more.
Mark Michael Ferrer
Miami Real Estate
- Related Videos
- Related Articles
- Ask / Related Q&A
- Miami Real Estate Listings - Selling Your Home in Miami Real Estate Market
- Tapping Into the Miami Real Estate Market
- Miami Real Estate Takes Summer Vacation as More Listings Flood the Market
- Miami Real Estate Rental Market - 10 Mistakes Landlords Make
- Miami Real Estate - Section 8 Rental Process
- Miami Real Estate - HUD Homes Daily All Bidders Investing
- Miami Real Estate - 5 Home Staging Tips
- Miami Real Estate - Eviction Process
Why I Love the Latest Home Stimulus Package
By: Mark Thomas Walters | 22/11/2009Since he became US President, Barack Obama has made the issue of housing one of his top priorities. He implemented the new home stimulus package that will help the housing industry with it's first time home buyers stimulus and home affordable plan. It helps lower income Americans to purchase new...
Miami Rental Property Application Tips – Letter of Employment
By: Mark Ferrer | 21/11/2009Nowadays, landlords are showing more leniency when it comes to choosing renters. Due to the number of vacancies, they cannot afford to be choosy. But while it’s really true that landlords are now willing to accept just about anyone, not all. There are still a number of landlords who puts protection of the property on top of their priorities. So if you find the owner of the Miami rental property you're applying for belongs to the stricter group of landlords and ask you for a letter of employment
Aventura Real Estate Seller Guide – CMA, Drives and Other Pricing Considerations
By: Mark Ferrer | 21/11/2009It’s natural for first-time home sellers to get confused when they arrive at the part where they need to come up with the right price for their Aventura real estate property. Unfortunately, they can also easily get the price wrong. Which is why there are several important contributing factors to think about to get this stage right. Don’t forget that the right price can mean the difference between a sale and a stale.
Helpful Tips in Determining the Fair Market Value of Your Coral Gables Real Estate Property
By: Mark Ferrer | 21/11/2009In home-selling, one of the most common (and costliest) mistakes homeowners make is pricing their property wrongly. If you sell your home too high, the property is at risk of getting stale from not receiving any visits from buyers. If you sell your home too low, you’ll surely regret the sale in the end. That is why getting the Fair Market Value for your property is important. If you're about to price your Coral Gables real estate property, here are some tips to consider.
Listing Homes for Sale – Listing Agreements and Other Considerations
By: Mark Ferrer | 21/11/2009One of the crucial steps in selling a home is listing the property. This is the part where homeowners get their homes for sale out there for buyers to see. There are steps within this part and it’s equally important to consider each. Read on to know what constitutes the entire listing process.
Installing Drywall the Easy Way...
By: J. Samson | 21/11/2009You are ready to spend hundreds of thousands of dollars and make a commitment for 25-35 years of your life based on the advice you receive from your real estate agent... With any luck, you will make the right decision. We are very fortunate here in Calgary, Alberta to have...
Do You Believe in "love" at First Sight?
By: J. Samson | 21/11/2009You are ready to spend hundreds of thousands of dollars and make a commitment for 25-35 years of your life based on the advice you receive from your real estate agent... With any luck, you will make the right decision. We are very fortunate here in Calgary, Alberta to have...
Aberdeen Serviced Apartments Better Alternatives to Hotels
By: Michael Murray | 21/11/2009The Aberdeen serviced apartments are offered to clients looking for short-term as well as long-term accommodation, and is an ideal alternative to a hotel room. Most of these Aberdeen apartments usually provide accommodation for four people and feature a lounge kitchen, two bedrooms with en-suite facilities.
Miami Rental Property Application Tips – Letter of Employment
By: Mark Ferrer | 21/11/2009 | Real EstateNowadays, landlords are showing more leniency when it comes to choosing renters. Due to the number of vacancies, they cannot afford to be choosy. But while it’s really true that landlords are now willing to accept just about anyone, not all. There are still a number of landlords who puts protection of the property on top of their priorities. So if you find the owner of the Miami rental property you're applying for belongs to the stricter group of landlords and ask you for a letter of employment
Aventura Real Estate Seller Guide – CMA, Drives and Other Pricing Considerations
By: Mark Ferrer | 21/11/2009 | Real EstateIt’s natural for first-time home sellers to get confused when they arrive at the part where they need to come up with the right price for their Aventura real estate property. Unfortunately, they can also easily get the price wrong. Which is why there are several important contributing factors to think about to get this stage right. Don’t forget that the right price can mean the difference between a sale and a stale.
Helpful Tips in Determining the Fair Market Value of Your Coral Gables Real Estate Property
By: Mark Ferrer | 21/11/2009 | Real EstateIn home-selling, one of the most common (and costliest) mistakes homeowners make is pricing their property wrongly. If you sell your home too high, the property is at risk of getting stale from not receiving any visits from buyers. If you sell your home too low, you’ll surely regret the sale in the end. That is why getting the Fair Market Value for your property is important. If you're about to price your Coral Gables real estate property, here are some tips to consider.
Listing Homes for Sale – Listing Agreements and Other Considerations
By: Mark Ferrer | 21/11/2009 | Real EstateOne of the crucial steps in selling a home is listing the property. This is the part where homeowners get their homes for sale out there for buyers to see. There are steps within this part and it’s equally important to consider each. Read on to know what constitutes the entire listing process.
Weighing the Pros and Cons of FSBO-ing Your Fort Lauderdale Real Estate Property
By: Mark Ferrer | 21/11/2009 | Real EstateHomeowners who would rather have the whole proceed of the home sale for themselves are more inclined to sell their property on their own. Also known as FSBO (For Sale By Owner) is not a new-age trend; it has been around for years. And with the increasing number of real-estate savvy homeowners, several properties are now being sold without a listing agent. If you're planning to sell your Fort Lauderdale real estate property on your own and cut the middle man, weigh first the pros and the cons bef
Plan A, B and C When Buying Miami Real Estate Property
By: Mark Ferrer | 21/11/2009 | Real EstateSavvy homebuyers always anticipate problems. Aside from having Plan A and B, they often concoct Plan C to serve as cushion if the first two fails. When you're buying a Miami real estate property, adopt this strategy to help you survive. Along with your Realtor, devise a set of plans that will help you swim and save you if you sink.
Things to Know Before Making an As-Is Offer to a Coconut Grove Real Estate Property
By: Mark Ferrer | 21/11/2009 | Real EstateIn the current economic crunch, more and more sellers are skipping home staging. They rely on de-cluttering, cleaning and other cheaper alternatives to make the home presentable. While there is nothing wrong with curbing expenses during home sale, this usually undermines conditions not visible in the naked eye. There are, however, buyers willing to go past the staging and buy the property in its current condition. If you're planning to buy a Coconut Grove real estate property with an as-is offer
Things to Know Before Making an As-Is Offer to a Coconut Grove Real Estate Property
By: Mark Ferrer | 21/11/2009 | Real EstateIn the current economic crunch, more and more sellers are skipping home staging. They rely on de-cluttering, cleaning and other cheaper alternatives to make the home presentable. While there is nothing wrong with curbing expenses during home sale, this usually undermines conditions not visible in the naked eye. There are, however, buyers willing to go past the staging and buy the property in its current condition. If you're planning to buy a Coconut Grove real estate property with an as-is offer