Buying or selling a home in Coral Springs? One of the most common surprises at the closing table is how many separate fees show up on your final statement. You want clear, local guidance so you can plan your budget and avoid last‑minute stress. In this simple guide, you’ll learn what closing costs are, typical ranges for buyers and sellers in Broward County, who usually pays what, the Florida taxes you’ll see, and practical ways to reduce your out‑of‑pocket costs. Let’s dive in.
What closing costs are
Closing costs are the fees and prepaid items due when you finalize a real estate purchase or sale. For buyers in Coral Springs, a common rule of thumb is about 2% to 5% of the purchase price, not including your down payment. For sellers, the total is often 5% to 10% including commission, or roughly 1% to 3% if you exclude commission.
To make it real: on a $300,000 home, buyers might pay about $6,000 to $15,000 in closing costs. Sellers might see about $3,000 to $9,000 in non‑commission costs, plus the agreed commission. Your exact totals depend on loan type, contract terms, and local fees.
Who pays what in Coral Springs
Local customs help, but the contract decides. In many South Florida deals, sellers often pay for the owner’s title insurance policy and the Florida documentary stamp tax on the deed. Buyers usually pay lender‑related fees, the lender’s title policy, and prepaid items like insurance and escrow deposits. These are customs, not laws, and you can negotiate many line items.
Common buyer costs
- Lender fees: application, underwriting, processing, and sometimes a loan origination fee.
- Discount points: optional fee to lower your interest rate.
- Appraisal and credit report.
- Survey if required by your lender or desired for peace of mind.
- Title search, closing/settlement fee, and the lender’s title insurance policy.
- Owner’s title insurance policy if negotiated to buyer, though sellers often cover it locally.
- Recording fees for the mortgage and deed.
- Florida mortgage taxes: documentary stamp tax on the note and the intangible tax on the mortgage (see rates below).
- Prepaid interest based on your closing date.
- Homeowners insurance, and flood insurance if required, plus initial escrow deposits for taxes and insurance.
- Inspections and, if applicable, HOA or condo transfer/estoppel fees.
Common seller costs
- Real estate commission, typically the largest seller expense. Commission rates are negotiable.
- Owner’s title insurance premium if customary by contract.
- Closing/settlement and title fees, which can be split by agreement.
- Florida documentary stamp tax on the deed if customary in your contract.
- Mortgage payoff and any related fees.
- Prorated property taxes and HOA dues through the day of closing.
- Repairs or credits negotiated during inspection, plus any association transfer or estoppel fees.
Florida and Broward taxes to expect
Florida charges state taxes on real estate transfers and mortgages. The key items are:
- Documentary stamp tax on deeds: often calculated at $0.70 per $100 of the sale price. See the Florida Department of Revenue’s guidance on the documentary stamp tax for details.
- Documentary stamp tax on promissory notes: often $0.35 per $100 of the mortgage amount.
- Intangible tax on mortgages: generally 0.2% of the mortgage amount. You can verify both mortgage‑related taxes on the Florida Department of Revenue’s page for the intangible tax.
Broward County also charges recording and clerical fees to record the deed and mortgage. Exact amounts change from time to time. For the current fee schedule and recording requirements, check the Broward County Records, Taxes and Treasury Division.
Title insurance and how closings work here
Florida has two title insurance policies. The lender’s policy protects the lender and is required when you finance. The owner’s policy protects you and is strongly recommended. Premiums are based on state‑filed rates, not random markups. For background on how Florida regulates title insurance, review the Florida Office of Insurance Regulation.
In Broward County, licensed title companies usually handle the closing. They coordinate the title search, lien payoffs, deed preparation, escrow funds, and recording after you sign.
Your closing timeline and disclosures
Federal rules require your lender to keep you informed:
- You should receive a Loan Estimate within three business days after applying for a mortgage. Learn what is in the Loan Estimate from the Consumer Financial Protection Bureau.
- You must receive your final Closing Disclosure at least three business days before closing. The CFPB’s Closing Disclosure guide explains each line item.
A typical Florida contract flows from acceptance to inspections, appraisal, underwriting, title work, final walk‑through, then closing. Allow several weeks for loan approval and title work, especially if there is an HOA.
Ways to reduce or negotiate your costs
- Shop your mortgage. Compare interest rates, lender fees, and any lender credits across at least two to three lenders.
- Compare settlement services. Title insurance premiums follow state‑filed rates, but settlement and courier fees can vary by company.
- Negotiate in the contract. You can ask for seller credits, or decide who pays the owner’s title policy, HOA estoppel fees, or certain taxes.
- Consider timing. Closing later in the month can reduce prepaid interest for buyers, though it may shift your first payment date.
- Evaluate points and credits. You can trade some upfront costs for a lender credit at a higher rate, or pay discount points for a lower rate.
- For sellers: credits can attract buyers. Offering specific closing cost help can be more effective than a similar price cut.
Coral Springs specifics to keep in mind
- HOA and condo communities are common. Expect association estoppel or transfer fees that must be ordered and paid before closing. Ask early so there are no delays.
- Flood zones vary by property. Coral Springs is inland, but some homes are still in flood zones. Use the FEMA Flood Map Service Center to confirm if flood insurance will be required by your lender.
- Property tax prorations apply at closing. For calendars, rates, and payment information, consult the Broward County Records, Taxes and Treasury Division.
Closing day checklist
- Bring a valid photo ID like a driver’s license or passport.
- Bring certified funds or follow secure wire instructions exactly. Confirm procedures directly with the title company to avoid fraud.
- Bring your homeowners insurance binder with coverage effective on closing day.
- If someone will sign for you, bring the approved power of attorney or required documents.
- Review your Closing Disclosure carefully ahead of time. Ask questions about any line item you do not understand.
Final thoughts
Closing costs do not have to be confusing. When you know the typical ranges, Florida tax rates, and local customs in Coral Springs, you can budget with confidence and negotiate smartly. The right partner will also help you compare quotes, spot savings, and avoid last‑minute surprises.
If you are planning a move in Coral Springs or nearby Broward communities, reach out to Damiana Mendes Ponce at RE/MAX Direct for a clear, step‑by‑step plan tailored to your goals. I focus on long‑term relationships, transparent advice, and a smooth closing from start to finish.
FAQs
How much do buyers typically pay in Coral Springs closing costs?
- Many buyers pay about 2% to 5% of the purchase price in closing costs, not including the down payment. Your total depends on your loan, taxes, title fees, and prepaid items like insurance and escrows.
What do sellers usually pay at closing in Broward County?
- Sellers often pay 5% to 10% including commission, or about 1% to 3% excluding commission. By local custom, sellers often cover the owner’s title policy and documentary stamp on the deed, but this is negotiable.
What Florida taxes will I see on my closing statement?
- Expect the documentary stamp tax on the deed, the documentary stamp tax on the promissory note, and the intangible tax on the mortgage. You can verify current rates with the Florida Department of Revenue.
When will I see my final closing costs before I sign?
- Your lender must send you a Loan Estimate within three business days of application and a final Closing Disclosure at least three business days before closing. Review both documents and ask questions early.
Can I roll closing costs into my mortgage?
- In many cases yes, though it increases your loan amount and monthly payment. Ask your lender about options and compare any lender credit against the interest rate offered.
Who pays for title insurance in Coral Springs?
- The lender’s policy is paid by the buyer in most financed purchases. The owner’s policy is often paid by the seller in South Florida, but this is a contract term that you can negotiate.
Where can I confirm Broward recording fees and tax prorations?
- Check the Broward County Records, Taxes and Treasury Division for the latest recording fees, procedures, and property tax information. For flood zones, use the FEMA Flood Map Service Center.
References for further reading:
- Review the Florida documentary stamp tax overview at the Florida Department of Revenue.
- See the Florida intangible tax on mortgages at the Florida Department of Revenue.
- Learn what is in your Loan Estimate from the Consumer Financial Protection Bureau.
- Understand your Closing Disclosure with the CFPB’s guide.
- Explore title insurance regulation at the Florida Office of Insurance Regulation.
- Check flood zones with the FEMA Flood Map Service Center.
- See county recording and tax resources at the Broward County Records, Taxes and Treasury Division.
