Miami-Dade Title Services
Miami-Dade County, the largest county in Florida and the 7th largest county in the U.S., is the undisputed business capital of South Florida. Home to 34 cities, including Miami, Miami Beach, Aventura, South Miami, and Homestead, Miami-Dade has a population of over 6 million people, making it a popular place to both live and do business in Florida.
If you're considering buying property in Miami-Dade, you'll need an experienced Miami-Dade title company to help assist you through the entire title search, title insurance, and closing process-- and, at Florida Title Company, we're ready and waiting to help. When it comes to buying residential or commercial real estate, knowledge is power, so to help keep you informed about how closing, let's review some of the costs of the Miami-Dade closing process.
Closing costs in Miami-Dade
Title insurance: Miami-Dade County title insurance is set at the Florida promulgated rate of $5.75/$1000 for purchases up to $100,000 and $5.00/$100 for purchases larger than $100,000.
Florida Form 9 Endorsement: sometimes known as an FF9, this endorsement, set at 10% of title insurance costs, requires a land survey, and is important to determine any easement or zoning issues that property buyers may not be aware of.
Settlement/closing fee: typically $350 to $400 in Florida, this is an fee charged to the title company to execute the final transaction.
Sale documentary stamp tax: $0.60/$100 of sale price (typically paid for by the seller, but is sometimes paid for buy the buyer).
Financing documentary stamp tax: $0.35/$100 of mortgage (buyers only need to pay this based on the amount of the loan they have taken out).
Intangible tax: an additional $0.20 per $100 due to a county official before the mortgage can be recorded.
It may be important to note that (as mentioned above), in Miami-Dade, state documentary stamp taxes are only $0.60/$100 of the sale price, compared to $0.70/$100 for the rest of the state. Plus, just like in Broward County, property buyers are expected to both choose a title company and purchase title insurance. In comparison, in Palm Beach County, the burden is traditionally on the seller to do this.