Closing Costs For Buyers and Sellers in FL 2023

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Real Estate

Closing Costs For Buyers and Sellers In The Emerald Coast Of FL


Buyers Closing Costs (pending what your contract says) One reason why you need a great real estate agent!


Earnest Money Deposit (EMD): 

Earnest Money Deposit (EMD) Shows the buyers serious intent to purchase the home.  

It is to be delivered to the title company handling the sale typically within 3 days of the offer being accepted.  

Title will hold that money in an escrow account and is typically applied towards the Buyers Total Closing costs.  

EMD protects the sellers in case the buyers decide to cancel the contract outside of the inspection period.  EMD is typically 1% of the purchase price (tha number is not set in stone- it’s just the standard basic EMD amount; it can be more, to show EXTREME SERIOUS INTENT; it can be less, but can be the deciding factor if in a multiple offer situation; the person with more EMD will look more attractive.)  

The buyer can get their EMD back IF they cancel within their inspection period when using asn AS IS CONTRACT or if you include a RIGHT TO INSPECT AND CANCEL ADDENDUM with your offer.



If a new survey is needed and the seller does not have one to provide OR if a structure has been added to it since they bought it (fence, pool, building out back, etc) the BUYER is responsible for paying that at closing unless otherwise negotiated at time of offer.  TITLE can order this for you.



CLEAR WDOs are required for VA loans- the lender will require the CLEAR WDO report and may ask you for it - TITLE will need it so they can pay the invoice at closing, but insurance shouldn't really need it- they'll need the WIND MITIGATION report and 4 POINT inspection ;)




Full home inspections, or buyer's inspections, are extensive evaluations that cover virtually all the visible areas in a home. For buyer’s ease of mind and due diligence.


A wind mitigation inspection gives homeowners insurance discounts based on certain building attributes.


A 4 point inspection helps homeowners obtain insurance by reporting the condition of the 4 key elements of the home: HVAC, electrical, plumbing, and roofing systems.  

When you own or purchase an older home, rental property, or condo in Florida, you will likely need for a 4 point inspection before purchasing a homeowners policy. Most insurance companies will require a 4 point inspection when a home is older than 40 years old.  CHECK WITH YOUR PREFERRED VENDOR on what they require.

  • Miscellaneous Fees and Repairs that may come up during the transaction


SELLER CLOSING COSTS (pending what your contract says) One reason why you need a great real estate agent!


  • Your mortgage / home loan pay off amount. Check online for the total you own in principal and interest - Contact your lender for the most accurate numbers.


  • Outstanding amounts – if there are any outstanding amounts still owed on the property, including things like utility bills or homeowner’s association fees, these will likely be paid by the seller.


  • Real estate agent commission –  real estate agent connecting a seller to a buyer. 


  • Settlement fees – these usually amount to between $300 and $600 and are dictated by the state. Florida doesn’t require an attorney to be present at the closing of a real estate deal, so you don’t need to necessarily pay attorney fees.


  • Title search fees – usually between $100 and $300. This covers the cost associated with checking a home’s ownership history to make sure there aren’t any title complications.
  • Prorated property taxes – in Florida, property taxes are paid in arrears, meaning a seller owes property taxes for however much of the taxable year they owned the house, and that amount will also be prorated.


  • HOA and municipal lien search – these costs are between $200 and $700 in total. The former covers fees to confirm that the home and current owner is in good standing with the homeowner’s association, while the latter covers a search for any unrecorded property issues, like expired permits or code violations.


  • Transfer tax/documentary stamp fees – this price can vary dramatically, and it’s the cost paid to the local county when the deed transfer is recorded. For all Florida counties except for Miami-Dade, this is $.70 per $100 paid for the property. For Miami-Dade County, it’s $.60 per $100 for single-family homes, plus a surcharge for other property types


  • Title insurance – this last fee is decided by the state and is based on the overall purchase price. This fee is negotiable, and the buyer sometimes pays it instead of the closer, depending on the deal.


  • Miscellaneous Fees and Repairs that may come up during the transaction. 

Let me do the negotiating with you to ensure you are getting dealt a fair hand!


Sonja Rankin 🏡 Realtor®

Certified Military Relocation Professional 

Realty One Group Emerald Coast

🦸‍♀️Real Estate Guru

☀️ Native Of The Sunshine State, FL

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