Everything you need to know about closing costs when buying a condo in Miami and South Florida -- from documentary stamps to title insurance. Discover why Florida's no mansion tax and no mortgage recording tax make Miami one of the most buyer-friendly luxury markets in the country.
Updated March 2026How much are closing costs in Miami? Here is your quick reference for buyer-side closing costs on Miami condo purchases.
Estimate your total closing costs based on purchase price, transaction type, and financing.
NYC & Miami — Accurate to 2026 Tax Rates
Florida has no mansion tax at any price point. For buyers relocating from New York, this single difference can save tens -- or hundreds -- of thousands of dollars at closing.
New York imposes a progressive "mansion tax" on purchases of $1 million and above, reaching 3.9% on properties over $25 million. Florida charges nothing. Combined with Florida's absence of a mortgage recording tax, Miami-Dade closing costs remain remarkably low relative to other major luxury markets.
| Purchase Price | NYC Mansion Tax | Miami Mansion Tax | Buyer Savings |
|---|---|---|---|
| $1,500,000 | $18,750 (1.25%) | $0 | $18,750 |
| $3,000,000 | $45,000 (1.5%) | $0 | $48,750 |
| $5,000,000 | $112,500 (2.25%) | $0 | $112,500 |
| $10,000,000 | $325,000 (3.25%) | $0 | $325,000 |
Advisory Note: The mansion tax savings alone often cover the entire cost of relocating from New York to Miami. When combined with Florida's zero state income tax, the financial case for Miami becomes compelling at virtually every price point.
The largest transfer cost in any Miami real estate transaction -- and one that varies depending on whether you are buying resale or new development.
Florida imposes documentary stamp taxes on the deed at a rate of $0.60 per $100 of consideration. Miami-Dade County adds a discretionary surtax of $0.45 per $100 on residential properties (condos, single-family homes, and townhomes), bringing the total Miami-Dade documentary stamp tax rate to $1.05 per $100, or 1.05% of the purchase price.
On a $3 million condo purchase in Miami-Dade, the documentary stamp tax on the deed totals $31,500.
Who pays? On resale transactions, the seller customarily pays the documentary stamp tax on the deed. On new development (pre-construction) purchases, the buyer typically pays -- a significant difference that increases buyer closing costs by approximately 1.05% on new construction.
| Component | Rate | On $3M Purchase | Notes |
|---|---|---|---|
| Florida Doc Stamps (Deed) | $0.60 / $100 | $18,000 | Standard statewide rate |
| Miami-Dade Surtax | $0.45 / $100 | $13,500 | Residential only; unique to Miami-Dade |
| Total Doc Stamps (Deed) | $1.05 / $100 (1.05%) | $31,500 | Seller pays on resale; buyer on new dev |
In Miami-Dade County, the buyer customarily pays for the owner's title insurance policy -- the opposite of most Florida counties.
Title insurance is a one-time premium paid at closing that protects you against defects in the title, undisclosed liens, and other ownership claims. Florida title insurance rates are promulgated (set by the state), so there is no shopping around on price -- every title company charges the same premium.
The owner's title insurance rate is approximately 0.5% to 0.6% of the purchase price for most luxury transactions. On a $3 million condo, expect approximately $15,000 to $16,500 for the owner's policy.
If you are financing, your lender will require a separate lender's title insurance policy. This is a smaller, simultaneous-issue policy that adds approximately $1,200 to $2,500 to your costs, depending on the loan amount.
Miami-Dade custom: In most Florida counties, the seller selects and pays for the owner's title insurance. In Miami-Dade, the buyer customarily selects and pays for this policy. This is one of the reasons Miami-Dade buyer closing costs are slightly higher than other Florida counties.
Financing a Miami condo purchase adds several costs -- but one major cost you will NOT pay is a mortgage recording tax.
Unlike New York, where buyers face a mortgage recording tax of 1.8% to 1.925% of the loan amount, Florida imposes no mortgage recording tax. This saves Miami buyers with a $2.4 million mortgage (80% of $3M) approximately $43,200 to $46,200 compared to the same transaction in NYC.
However, Florida does impose two costs on the mortgage itself:
No Mortgage Recording Tax: This is one of the most significant advantages of buying in Florida. On a $2.4 million mortgage, you save over $43,000 compared to NYC. This alone can offset a meaningful portion of your total Miami closing costs.
Not required in Florida, but strongly recommended -- especially for new development purchases and international buyers.
Florida is a "title state," meaning a title company or closing agent can handle the entire transaction without attorney involvement. That said, we recommend retaining a real estate attorney for most luxury condo purchases in Miami.
A qualified real estate attorney will review the purchase contract, condo documents (declaration, bylaws, financial statements), title commitment, and closing statement. For new development purchases, attorney review of the developer's contract is essential -- these are developer-drafted documents with limited negotiation, and understanding the implications of each provision protects your interests.
Buying a new construction condo in Miami carries additional costs that resale buyers do not face. Understanding these before you sign the contract is essential.
New development closing costs in Miami are higher than resale because the developer shifts several costs to the buyer that would traditionally be seller obligations on a resale transaction. The total buyer-side closing costs for a new development condo typically range from 3% to 4.5% of the purchase price.
| Cost Item | Typical Rate | On $5M Condo | Notes |
|---|---|---|---|
| Documentary Stamps (Deed) | 1.05% | $52,500 | Buyer pays on new dev (not seller) |
| Owner's Title Insurance | ~0.5% | $25,750 | Florida promulgated rate |
| Development Fee | 1.25 – 1.75% | $62,500 – $87,500 | Developer's closing cost surcharge |
| Working Capital | 2 months HOA | ~$6,000 – $12,000 | Contribution to condo association reserves |
| Recording & Misc. Fees | Flat | $1,500 – $3,000 | County recording, courier, admin |
| Total (Cash Purchase) | 3 – 4.5% | $148,250 – $180,750 | Add lender fees if financing |
Florida Condo Safety Laws: Following the Surfside tragedy, Florida enacted SB 4-D and SB 154, requiring milestone structural inspections and Structural Integrity Reserve Studies (SIRS) for condos three stories or higher. New development buyers benefit from brand-new construction that meets the latest building codes, but should be aware that these reserve requirements will affect ongoing HOA costs after closing.
Actual closing cost estimates for typical Miami condo purchases at different price points and transaction types.
A side-by-side comparison for a $3 million financed condo purchase reveals why Miami is one of the most cost-efficient luxury markets in the US.
For buyers considering both markets -- or relocating from New York to Miami -- the closing cost differential is striking. Florida's absence of a mansion tax, mortgage recording tax, and lower transfer tax rates produce savings that approach $70,000 on a single transaction.
| Cost Item | NYC ($3M Condo) | Miami ($3M Condo) |
|---|---|---|
| Mansion Tax | $45,000 (1.5%) | $0 |
| Mortgage Recording Tax | $43,680 (1.82%) | $0 |
| Title Insurance | $13,500 | $16,500 |
| Intangible Tax / Doc Stamps on Note | $0 | $12,400 |
| Lender Fees (Origination, Appraisal) | $9,000 | $13,500 |
| Attorney & Misc. | $3,300 | $6,300 |
| Total Buyer Closing Costs | ~$118,200 (3.9%) | ~$48,700 (1.6%) |
| Savings in Miami | ~$69,500 | |
For a detailed breakdown of New York closing costs, see our NYC Closing Costs Guide.
Answers to the most common questions our clients ask about buying a condo in Miami.
Florida does not require an attorney for real estate closings -- a title company can handle the entire transaction. However, we strongly recommend retaining a real estate attorney, particularly for new development purchases where the contract is developer-drafted, or for international buyers navigating US tax and FIRPTA implications.
Attorney fees typically range from $1,500 to $3,500 for a standard condo closing, and $3,000 to $7,500 for international buyers requiring tax planning.
In Miami-Dade County resale transactions, the seller customarily pays the documentary stamp tax on the deed (1.05%) and the owner's title insurance policy. The buyer pays for the title search, lender's title insurance (if financing), recording fees, and all lender-related costs.
On new development purchases, this allocation shifts significantly. The buyer typically pays the documentary stamps on the deed, a development fee of 1.25% to 1.75%, and working capital contributions -- making new development closing costs 3% to 4.5% for the buyer.
Miami-Dade County imposes a discretionary surtax of $0.45 per $100 of consideration on residential properties (condos, single-family homes, and townhomes), in addition to the standard Florida rate of $0.60 per $100. This brings the total to $1.05 per $100 (1.05%) for residential properties in Miami-Dade -- higher than the standard Florida rate of 0.60% that applies in most other counties.
Most closing costs are not directly tax deductible. However, certain costs can be added to your cost basis, which reduces your capital gains tax when you eventually sell. These include title insurance premiums, recording fees, and transfer taxes.
If you finance the purchase, mortgage interest and property taxes are deductible subject to the SALT (State and Local Tax) limitation of $10,000. We recommend consulting with a tax advisor for your specific situation.
Special assessments are increasingly common in Miami condos, particularly following Florida's post-Surfside condo safety legislation (SB 4-D and SB 154). Before closing, your attorney or title company should review the condo association's estoppel letter for any pending or approved special assessments.
Buyers should also review the association's Structural Integrity Reserve Study (SIRS) to understand upcoming capital expenditure needs. A thorough review of the association's financials is essential before committing to any Miami condo purchase.
Miami closing costs are significantly lower than NYC at every price point. For a $3 million financed condo, Miami buyer closing costs total approximately $48,700 (1.6%) compared to NYC at approximately $118,200 (3.9%) -- a savings of roughly $69,500.
The primary savings come from Florida having no mansion tax (NYC charges 1% to 3.9%), no mortgage recording tax (NYC charges 1.8% to 1.925%), and generally lower transfer tax rates. See our full NYC closing costs breakdown for details.
Foreign buyers pay the same closing costs as domestic buyers, with several additions to consider: FIRPTA withholding (15% of the sale price withheld at the time of future resale, which can be reduced or eliminated with proper planning), potential need for an ITIN (Individual Taxpayer Identification Number), and higher attorney fees for international structuring ($3,000 to $7,500).
Entity formation costs may apply if purchasing through an LLC. Foreign national mortgage programs are available but typically require 30% to 50% down with slightly higher interest rates. For a comprehensive overview, see our Foreign Buyers Guide.
Every transaction is different. Whether you are purchasing a resale condo, new development, or relocating from New York, we provide a detailed closing cost estimate tailored to your specific purchase.