Buying a home in Fort Lauderdale is exciting, but the closing costs can feel like a mystery. You might be wondering who pays for what in Broward County and how much cash you will actually need on closing day. You deserve clear numbers and a simple way to plan.
In this guide, you will learn the typical buyer closing cost range, who commonly pays each item in Broward, and a step-by-step way to estimate your cash to close. You will also see sample scenarios and local tips that matter for condos, HOAs, and waterfront homes. Let’s dive in.
What closing costs include
Closing costs are the one-time fees and prepaids you pay to finalize your purchase. In Florida, buyer closing costs usually total about 2% to 5% of the purchase price, not including your down payment. Your exact number depends on your loan type, lender fees, title items, insurance, taxes, and whether the seller gives a credit.
If you are financing, you should expect lender fees, title and closing services, prepaid items like insurance and interest, escrow deposits, and state or county taxes tied to the mortgage. Your lender must give you a Loan Estimate within 3 business days of application and a Closing Disclosure at least 3 business days before closing. Those documents show your expected cash to close.
Who pays what in Broward
Local custom and your contract drive who pays each item. Here is how it commonly breaks out in Fort Lauderdale and greater Broward County.
Lender and loan fees
- What they cover: origination, underwriting, processing, points, credit report, appraisal, flood certification, document prep.
- Who typically pays: buyer, unless seller concessions are negotiated and allowed by the lender.
- Typical amounts:
- Origination points: 0% to 1% of the loan amount.
- Processing and underwriting: about $400 to $2,000 combined.
- Appraisal: about $400 to $800, sometimes higher for condos.
- Credit report: about $25 to $60.
Title and closing services
- What they cover: title search, settlement agent fee, document prep, wire and recording fees, title insurance.
- Who typically pays in Broward:
- Lender’s title insurance: buyer.
- Owner’s title insurance: commonly the seller in South Florida, but negotiable and set by contract.
- Closing or escrow fees: often split or assigned by contract.
- Typical amounts:
- Settlement and title service fees: about $500 to $1,800.
- Lender’s title policy: several hundred to a few thousand dollars, based on loan amount.
State and county taxes on the transaction
- What they cover: documentary stamp taxes on deeds and notes, plus Florida’s intangible tax on mortgages.
- Who typically pays in Florida:
- Documentary stamp on deed: commonly the seller, subject to the contract.
- Documentary stamp on the mortgage and the intangible tax on the mortgage: typically the buyer when financing.
- Typical amounts: calculated from the purchase price and loan amount. Your title company will quote exact figures on your estimate and Closing Disclosure.
Prepaids and escrow deposits
- What they cover: prepaid interest from funding to your first payment, first-year homeowners insurance, prorated property taxes and HOA dues, and initial lender escrows for taxes and insurance.
- Who typically pays: buyer.
- Typical amounts:
- Prepaid interest: depends on the days of interest and your loan size and rate.
- Insurance: often $800 to $3,000 or more. Flood insurance may be required and can add to prepaids.
- Escrow reserves: often several hundred to several thousand dollars, based on monthly tax and insurance amounts.
HOA and condo fees
- What they cover: transfer fees, condo or HOA application fees, estoppel letters for resale disclosures, and any prorated assessments.
- Who typically pays: varies by contract. In South Florida, sellers often cover estoppel fees, but it can be negotiated.
- Typical amounts: about $100 to $400 or more, depending on the association.
Inspections and surveys
- What they cover: general home inspection, pest inspection, wind mitigation and 4-point reports for insurance, and surveys if required.
- Who typically pays: buyer.
- Typical amounts: home inspection about $300 to $700; pest about $50 to $150; wind mitigation about $75 to $200.
Recording and other third-party fees
- What they cover: county recording fees for deeds and mortgages, courier or wire fees, notary fees, and flood zone letters if applicable.
- Who typically pays: often the buyer for mortgage-related recordings, with other items assigned by the contract.
- Typical amounts: usually modest, from tens to a few hundred dollars per item. The larger government costs are the documentary stamp and intangible taxes.
Fort Lauderdale norms to know
- Owner’s title insurance is commonly paid by the seller in Broward, but this is a custom, not a rule. Your contract controls.
- Documentary stamp tax on the deed is often a seller cost in Florida, subject to contract terms.
- Many Fort Lauderdale deals involve condos. Expect association applications and estoppel letters. Who pays each item varies, though sellers often handle estoppel.
- Properties near waterways may require flood insurance. Lenders will run a flood determination. Flood premiums and wind mitigation needs can change your prepaids and escrows.
Estimate your cash to close
You can build a reliable estimate by combining your lender’s Loan Estimate with a preliminary title quote.
Documents you need
- Loan Estimate from your lender, issued within 3 business days of application.
- Preliminary title estimate or Good Faith Estimate of title charges from the title company.
- Final Closing Disclosure, delivered at least 3 business days before closing.
Simple worksheet
Start with your purchase price. Then build your estimate using this checklist:
- Subtract your down payment if you want cash beyond the down payment only.
- Add lender fees, including points if you buy down your rate.
- Add title and escrow charges and the lender’s title policy.
- Add prepaids, such as first-year insurance, prepaid interest, and prorated taxes.
- Add escrow deposits your lender requires for taxes and insurance.
- Add HOA or condo fees due at closing.
- Add recording fees and any state or county mortgage taxes assigned to you by the contract.
- Add inspection and other third-party fees.
- Subtract seller credits or lender credits you negotiated.
The result is your estimated cash to close.
Sample scenarios
These examples use common South Florida ranges to show how the math works. Your numbers will vary.
Example A, single-family at $300,000 with 20% down
- Down payment: $60,000
- Lender fees and third-party costs: about $2,000
- Appraisal: $500
- Title and escrow plus lender’s title policy: about $1,200
- First-year homeowner’s insurance: about $1,200
- Prepaid interest, 15 days: about $400
- Escrow reserves: about $800
- Recording and other buyer tax items: about $300
- Inspections: $500
- Estimated cash to close, excluding down payment: about $7,200
- Total cash at closing with down payment: about $67,200
Example B, condo at $600,000 with 10% down
- Down payment: $60,000
- Lender fees and points: about $4,000
- Appraisal: $600
- Title and escrow plus lender’s title policy: about $1,800
- HO-6 policy and HOA prorates: about $1,500
- Prepaid interest, 20 days: about $900
- Escrow reserves: about $1,600
- Condo estoppel or document fees if buyer pays: about $300
- Recording and mortgage taxes and intangible taxes: estimate about $1,500
- Inspections: $500
- Estimated cash to close, excluding down payment: about $12,700
- Total cash at closing with down payment: about $72,700
Example C, single-family at $1,000,000 with 20% down
- Down payment: $200,000
- Lender fees and points: about $6,000 to $12,000
- Appraisal: about $700 to $1,200
- Title and escrow plus lender’s title policy: about $2,500 to $4,000
- Insurance, including wind and possible flood: about $2,500 to $6,000
- Prepaid interest: about $1,500 to $3,000
- Escrow reserves: about $3,000 to $6,000
- Recording and buyer tax items: about $2,000 or more
- Inspections and survey: about $1,000 or more
- Estimated cash to close, excluding down payment: about $20,000 to $35,000 or more
- Total cash at closing with down payment: about $220,000 to $235,000 or more
Condo and waterfront cost factors
Fort Lauderdale has a large condo market and many waterfront properties. These features can change your closing cost profile.
- Condo associations often charge application and transfer fees. Estoppel letters are required for resales and can run from about $100 to $400 or more.
- Some associations have special assessments. Review documents early to see if anything is due at closing.
- Flood zones are common near waterways. If your home is in a flood zone, your lender will require flood insurance. The premium affects your prepaids and escrow deposits.
- Wind mitigation and 4-point inspections are common for insurance and can help secure better premiums.
Ways to reduce buyer costs
- Compare lenders and their Loan Estimates. Fees vary by lender.
- Negotiate seller concessions within program limits. A credit can reduce your cash to close.
- Review your Closing Disclosure carefully to avoid duplicate or unnecessary charges.
- Consider points only if the long-term savings make sense for your plans.
- Ask for a preliminary title estimate early so you can set expectations for taxes, stamps, and recording fees.
Key timeline and safety tips
- Your lender must provide the Loan Estimate within 3 business days of your application.
- You must receive the Closing Disclosure at least 3 business days before closing.
- Verify wiring instructions by phone using a trusted number. Never rely on email instructions without confirmation. Wire fraud attempts are common in South Florida.
Next steps with a local guide
If you want a clear picture of your cash to close, pair your Loan Estimate with a title quote and review the numbers line by line. A local team can help you understand which items are buyer costs, which are commonly seller costs in Broward, and what is negotiable.
Have questions about a Fort Lauderdale home, condo association fees, or flood insurance impacts on your budget? Connect with a trusted local advisor. Reach out to Premiere Realty, LLC to review your scenario and plan a smooth closing.
FAQs
What are typical buyer closing costs in Fort Lauderdale?
- In Florida, buyers often see about 2% to 5% of the purchase price in closing costs, not counting the down payment.
Who pays title insurance and documentary stamps in Broward?
- It is common for sellers to pay the owner’s title policy and the documentary stamp tax on the deed, while buyers pay the lender’s title policy and the mortgage-related taxes, subject to the contract.
How do I estimate my cash to close as a first-time buyer?
- Combine your lender’s Loan Estimate with a preliminary title estimate, then add prepaids, escrows, HOA fees, and recording or tax items, minus any seller or lender credits.
What condo fees should Fort Lauderdale buyers expect at closing?
- Expect association application or transfer fees and an estoppel letter charge. Who pays can vary, but sellers often cover estoppel fees in South Florida.
When will I know my exact cash to close amount?
- Your Closing Disclosure, delivered at least 3 business days before closing, will show the final cash to close.
Can a seller help pay my closing costs in Broward?
- Yes, you can negotiate seller concessions within loan program limits, which reduce your cash to close.
