Buying or selling a home in Weston comes with more than a price tag. Closing costs can surprise you if you do not plan for them, especially with Florida’s transaction taxes and local title practices. You want clear numbers, who usually pays what, and where you can negotiate. This guide breaks down typical buyer and seller costs in Weston and Broward, with Florida’s exact tax rates, so you can budget confidently. Let’s dive in.
What closing costs include
Closing costs fall into a few buckets: statutory transaction taxes, title and settlement fees, lender charges, prepaid items and escrows, prorations, and deal-specific items such as inspections or association fees. Florida sets several taxes statewide, and Broward processes recording and proration under those rules. Local custom influences who pays certain title charges in South Florida, but every item is negotiable in your contract.
What buyers usually pay in Weston
Loan-related taxes and fees
If you are financing, expect lender fees and two Florida taxes on the mortgage:
- Documentary stamp tax on the mortgage note: $0.35 per $100 of the loan amount. You can review the state rules on the Florida documentary stamp tax rates.
- Intangible tax on the mortgage: 0.002 of the principal (that is 0.2 percent). See the state’s overview of the Florida intangible tax on mortgages.
- Common lender fees include origination or points, underwriting and processing. Points are optional and increase costs if you buy down your rate.
- Appraisal, credit report and verification services are typical one-time charges.
Title and settlement charges
- Lender’s title insurance policy is usually paid by the buyer when there is a loan.
- Owner’s title insurance policy is often paid by the seller in South Florida, but it is negotiable and must be written into the contract.
- Title search, exam, endorsements, closing protection letter, wire or courier fees, and a settlement or closing fee are typical. These vary by title company.
Prepaids and escrows
- First year homeowners insurance is often paid at closing when you have a lender.
- Prepaid interest covers the days from closing to your first payment. The amount depends on your closing date.
- Property tax escrows and insurance escrows create the initial cushion your lender requires. Amounts depend on when you close in the tax cycle.
- HOA dues and assessments are prorated. Some communities charge a transfer or reserve fee according to association rules.
Other buyer costs
- Inspections, including general home and wood destroying organism inspections, are common buyer expenses.
- Surveys may be required by your lender or desired for boundary clarity.
- Recording fees for the mortgage and other documents are modest compared to taxes, and vary with page counts.
Typical buyer total in Weston
- If you finance, a practical range for buyer closing costs is about 2 to 5 percent of the purchase price, excluding your down payment. The higher end often includes discount points and larger escrows.
- If you pay cash, closing costs are usually lower because there is no loan. Expect often under 1 to 2 percent of the price, depending on title insurance choices and prorations.
What sellers usually pay in Weston
Commission
- Real estate commission is often the largest seller expense. In many Florida markets, total commission is commonly about 5 to 6 percent of the sale price and is negotiated in your listing agreement.
State tax on the deed
- Florida’s documentary stamp tax on the deed is $0.70 per $100 of the sale price, typically paid by the seller in Florida practice. This is a statutory charge that applies when you transfer the property.
Title, payoffs and prorations
- In South Florida, sellers often pay the owner’s title insurance premium. This is negotiable and should be specified in the contract.
- If you have a mortgage, you will pay off the loan at closing. Expect payoff and recording fees to release the lien.
- Property taxes and HOA dues are prorated to the closing date. Utilities are often settled directly between parties or with the providers.
Typical seller total in Weston
- Beyond any mortgage payoff, sellers should plan for commission, the deed tax and title-related items. A practical planning range is about 6 to 10 percent of the sale price, with commission making up the largest share. Your exact net depends on your negotiated commission, who pays the owner’s policy and any concessions or repair credits.
Florida and Broward taxes, fees and proration rules
Florida’s statutory tax rates
- Documentary stamp tax on deeds: $0.70 per $100 of consideration. Typically a seller expense by custom.
- Documentary stamp tax on mortgages: $0.35 per $100 of the loan amount. Typically a buyer loan expense.
- Intangible tax on mortgages: 0.002 of the loan principal. Typically a buyer loan expense.
- You can verify these rates on the Florida documentary stamp tax rates page and the Florida intangible tax on mortgages page.
Recording fees in Broward
- The Broward County Clerk charges per document and per page to record deeds, mortgages and lien releases. These fees change over time and are usually small compared with state taxes. Your title company will quote the current schedule.
Property tax proration and escrows
- Florida property taxes run on a calendar year. At closing, taxes are prorated so the seller pays through the closing date and the buyer pays after.
- If final tax bills are not available, title companies prorate using the prior year bill or a certified estimate.
- Buyers with loans typically fund an initial escrow for taxes and insurance at closing. Your lender sets the amount.
Association estoppels and transfers
- Condo and HOA communities often require an estoppel letter to confirm account status and rules. In Florida practice, sellers commonly order and pay for estoppels, though this can be negotiated. Requirements are governed by Florida Statutes Chapters 718 and 720 and the association’s documents.
Quick examples to make the math real
Buyer with a mortgage
- On a $700,000 purchase with a $560,000 loan, the buyer’s mortgage taxes would include: doc stamp on the note at 0.35 percent (about $1,960) and intangible tax at 0.2 percent (about $1,120). Add lender fees, appraisal, lender’s title policy, escrows and settlement fees to estimate the full 2 to 5 percent range.
Cash buyer
- On the same $700,000 purchase, a cash buyer would not pay mortgage taxes or lender fees. Main costs would be title insurance if purchased, recording fees, prorations and settlement charges. Total often lands below 2 percent, subject to title choices and HOA fees.
Seller side
- On a $700,000 sale, the deed tax at 0.7 percent is about $4,900. Add commission at your agreed rate, potential owner’s title premium if you cover it and routine recording and payoff fees to estimate your 6 to 10 percent planning range.
What to negotiate in your Weston contract
- Owner’s title insurance: confirm who pays and which title company will close.
- Deed tax and mortgage taxes: custom is seller pays deed tax and buyer pays loan taxes. Put it in writing.
- Settlement and recording fees: decide how to split closing and recording charges.
- HOA and condo fees: assign estoppel, transfer and any special assessments.
- Repairs and credits: document inspection repairs or buyer credit amounts.
Checklist to avoid surprises
- Ask your lender for a Loan Estimate early, then review the Closing Disclosure several days before closing.
- Request a preliminary settlement statement from the title company in advance.
- If you are selling, ask your agent for a net sheet that reflects commission, deed tax and payoff estimates.
- Confirm property tax and HOA proration method and the exact closing date.
- Buyers with loans should confirm escrow setup and initial deposits for taxes and insurance.
- If there is an association, confirm estoppel fees, transfer fees and any outstanding assessments.
Plan your numbers with local experts
A clear estimate helps you make strong decisions and negotiate with confidence. If you are buying or selling in Weston or greater Southwest Broward, get a personalized walkthrough of your likely closing costs and net sheet from a team that closes transactions here every week. Connect with Teresa Santana for a custom estimate or to request a complimentary home valuation.
FAQs
What are typical buyer closing costs in Weston, Florida?
- Financed buyers often pay about 2 to 5 percent of the purchase price, including lender fees, mortgage taxes, title charges and escrows. Cash buyers typically pay less than 2 percent.
Who usually pays for owner’s title insurance in Broward County?
- In many South Florida transactions the seller pays for the owner’s title policy, but it is negotiable and must be stated in the contract.
What state taxes do Florida buyers pay on a mortgage at closing?
- Buyers typically pay the mortgage doc stamp at 0.35 percent of the loan amount and the intangible tax at 0.2 percent of the loan amount.
What state tax do Florida sellers pay on the deed at closing?
- The documentary stamp tax on the deed is $0.70 per $100 of the sale price, and it is commonly a seller expense by Florida custom.
How are property taxes prorated at closing in Broward County?
- Taxes are prorated to the closing date using the calendar year, with the seller paying through the date of closing and the buyer paying after.
Are HOA or condo estoppel fees required in Weston, Florida?
- Most associations require an estoppel letter that confirms account status and rules, and sellers often pay for it by local practice unless negotiated otherwise.
