Are Brickell condo closing costs confusing you more than the purchase price itself? You are not alone. Between Florida taxes, title fees, lender charges and condo association items, it can be hard to know what to budget. In this guide, you will learn the typical costs for a Brickell condo purchase, how each item is calculated, and real examples at three price points. You will also get a quick calculator framework and a checklist to avoid surprises. Let’s dive in.
What closing costs cover in Brickell
Closing costs are the one-time fees you pay at settlement, separate from your down payment. In Brickell, they typically include:
- State and county taxes: documentary stamp taxes and mortgage intangible tax.
- Title insurance and settlement: owner’s policy, lender’s policy, and closing/settlement fee.
- Lender-related fees: origination or points, appraisal, credit/underwriting, flood cert.
- Condo association fees: estoppel, application, move-in and elevator fees.
- Inspections and due diligence: condo inspection and, if needed, engineer reviews.
- Recording and government charges: recording of deed and mortgage.
- Prepaids and prorations: property taxes, insurance, and HOA dues adjustments.
- Special assessments: if the building has approved or pending assessments.
A conservative planning range for buyers is often 2% to 4% of the purchase price, excluding the down payment. Your exact number depends on financing, building fees, insurance, title premiums, and negotiated items.
Florida taxes and title charges: how to calculate
Documentary stamp tax on the deed
Florida assesses documentary stamp tax on the purchase price of the property. A commonly used figure is 0.70 dollars per $100 of consideration, which is 0.007 times the purchase price. Example: a $500,000 condo would have an estimated deed tax of $3,500. Confirm the final rate and application with your title company.
Mortgage doc stamps and intangible tax
If you finance, Florida typically applies two additional charges based on the loan amount:
- Documentary stamps on the promissory note: commonly estimated as 0.35 dollars per $100 of the loan amount, which is 0.0035 times the mortgage principal.
- Intangible tax on the mortgage: commonly 0.002 times the mortgage amount.
Local practice can vary, so your title company will confirm exact treatment for your transaction.
Title insurance and settlement fees
- Owner’s title insurance policy protects your ownership. Florida title premiums are regulated. A practical budgeting heuristic for typical Brickell condo prices is about 0.3% to 0.6% of the purchase price, but your actual premium follows Florida’s schedule and endorsements.
- Lender’s title policy applies if you get a loan. It is usually less than the owner’s policy, often around 40% to 70% of that premium.
- Closing or settlement fee is often in the $300 to $800 range.
In many South Florida deals, sellers cover the owner’s title policy, while buyers cover lender-related title costs. This is a custom, not a rule, and it should be negotiated and written into your contract.
Condo-specific fees in Brickell
Estoppel certificate
Your association issues an estoppel to confirm the seller’s account standing and disclose assessments. Typical fees range from about $150 to $400. Some luxury buildings charge higher or rush fees for faster turnaround.
Association application and move-in fees
Many Brickell buildings require buyer applications and background checks. Application and processing often run $100 to $500. Plan for possible move-in, elevator, or key fees that can add $50 to $500 depending on building rules.
Building reserves, recertification, and assessments
Brickell includes many mid-rise and high-rise buildings with varying ages and reserve levels. You should review recent meeting minutes, reserves, and any engineering or recertification reports. Older buildings or those with low reserves may have special assessments for structural repairs or capital projects. These assessments can be significant and should be confirmed early.
Insurance and flood exposure
Parts of Brickell are in flood zones, and wind exposure can affect premiums. Lenders usually require evidence of hazard insurance and may require flood insurance. Get quotes early, since insurance is a major variable in your cash-to-close and ongoing monthly costs.
Lender fees and prepaids to expect
If you are financing, plan for:
- Origination or points: often around 0.5% to 1.0% of the loan amount, depending on program.
- Appraisal: typically $400 to $800 for a condo.
- Credit, underwriting, and processing: often $50 to $600 combined.
- Flood certification: usually $10 to $25.
- Escrow setup: your lender may collect several months of property taxes and insurance at closing. The number of months varies by lender and timing.
Prepaid items include a portion of your property taxes, your first year of hazard insurance, and possibly a month of HOA dues. These are not fees, but they increase cash needed at closing.
Quick calculator: estimate your closing costs
Use this simple framework to build an estimate. Replace the sample figures with your actual quotes.
- Set your price and down payment. Calculate the loan amount if financing.
- Compute taxes:
- Deed doc stamp = purchase price × 0.007.
- Mortgage doc stamp = loan amount × 0.0035.
- Intangible tax = loan amount × 0.002.
- Add title and settlement:
- Owner’s policy heuristic = 0.3% to 0.6% of price.
- Lender’s policy = 40% to 70% of owner’s premium.
- Closing fee = $300 to $800.
- Add lender fees and appraisal based on your lender’s quote.
- Add condo fees: estoppel, application, move-in.
- Add inspections and any engineer reviews.
- Add prepaids and escrow deposits for taxes and insurance.
- Add recording and small county charges.
A conservative rule of thumb is to budget 2% to 4% of the purchase price for closing costs when you are the buyer. Your total can be lower if the seller pays the owner’s title policy or offers credits.
Example A: $300,000 condo, 20% down
Assumptions for illustration only. Verify with your title company and lender.
- Deed doc stamp: 300,000 × 0.007 = $2,100
- Mortgage doc stamp: 240,000 × 0.0035 = $840
- Intangible tax: 240,000 × 0.002 = $480
- Owner’s title premium estimate (0.4%): $1,200
- Lender’s title estimate: $600
- Appraisal: $500
- Inspection: $400
- Estoppel: $250
- Closing/settlement fee: $450
- Prepaid hazard insurance estimate: $800
- Initial escrow deposit estimate: $600
Estimated cash to close, excluding down payment: roughly $8,000 to $12,000.
Example B: $500,000 condo, 20% down
- Deed doc stamp: $3,500
- Mortgage doc stamp: $1,400
- Intangible tax: $800
- Owner’s title premium estimate (0.45%): $2,250
- Lender’s title estimate: $1,125
- Appraisal: $550
- Inspection: $450
- Estoppel: $300
- Closing/settlement fee: $500
- Prepaid hazard insurance estimate: $1,200
- Initial escrow deposit estimate: $1,200
Estimated cash to close, excluding down payment: roughly $12,000 to $18,000.
Example C: $1,000,000 condo, 20% down
- Deed doc stamp: $7,000
- Mortgage doc stamp: $2,800
- Intangible tax: $1,600
- Owner’s title premium estimate (0.4%): $4,000
- Lender’s title estimate: $2,000
- Appraisal: $700 to $900
- Inspection and engineer checks: $500 to $1,500
- Estoppel: $300 to $500
- Closing/settlement fee: $600 to $900
- Prepaid hazard insurance estimate: $1,500 to $4,000
- Initial escrow deposit estimate: $2,000+
Estimated cash to close, excluding down payment: roughly $25,000 to $35,000+, depending on insurance, lender fees, and assessments.
Who pays what in Miami-Dade
Local practice often has the seller paying the owner’s title insurance premium and the buyer paying lender-related title and loan fees. These items are negotiable. State the allocation clearly in your purchase contract and confirm it with your title company. In Brickell, also ask the listing agent to start the estoppel early, since delays can push your closing date.
Must-budget vs. may-be-required
Avoid surprises in Brickell
Special assessments and reserves
Ask for the association’s reserve balance, recent meeting minutes, and any engineering or recertification reports. Low reserves or recent structural findings can signal upcoming assessments.
Estoppel timing
Order the estoppel as soon as your contract is executed. Some associations charge rush fees. A delayed estoppel often delays closing.
Insurance quotes early
Get hazard and flood quotes while you are in due diligence. Insurance is one of the largest variables in your total cash to close and ongoing costs.
Wire safety at closing
Wire fraud is a real risk. Always confirm wiring instructions by calling a known, verified phone number for your title company. Never rely on email instructions alone.
Closing prep checklist
- Obtain a preliminary title commitment and quote early.
- Ask the seller or listing agent to request the HOA estoppel promptly.
- Collect condo documents, budget, reserve study, engineer reports, and the past 12 to 24 months of meeting minutes.
- Get flood and property insurance quotes and confirm lender escrow requirements.
- Review your lender’s Loan Estimate and ask about any escrow cushion.
- Clarify in writing who pays each closing item.
- What to bring to closing: government ID, final insurance binder, final walkthrough notes, and verified wiring instructions or certified funds as applicable.
Ready to run your numbers?
If you want a personalized estimate and a simple calculator you can download, our team can help you plug in real building fees, insurance quotes, and title charges so you can move forward with confidence. For a private, bilingual consult focused on Brickell condos and investment outcomes, connect with Fajer International Realty.
FAQs
How much should a Brickell condo buyer budget for closing costs?
- Many buyers plan for roughly 2% to 4% of the purchase price, excluding the down payment, with totals depending on financing, insurance, title premiums, and association fees.
Who typically pays the owner’s title insurance in Miami-Dade?
- It is often negotiated; a common custom in South Florida is for the seller to pay the owner’s policy while the buyer covers lender-related title and loan fees, but confirm in your contract.
How long does a financed Brickell condo closing usually take?
- Many financed closings take about 30 to 45 days, with timelines affected by HOA approvals, estoppel turnaround, appraisal scheduling, lender underwriting, and title clearance.
What is an HOA estoppel and why is it required?
- An estoppel letter confirms the seller’s account status, dues, and any assessments; associations charge a fee to prepare it, and delays in issuing it can delay closing.
Could I face a special assessment after I buy a Brickell condo?
- It is possible; review the estoppel, recent meeting minutes, reserve levels, and any engineer reports to assess risk and ask direct questions about planned projects.
Do I need flood insurance for a Brickell condo purchase?
- If your unit or building is in a flood zone or your lender requires it, you will need coverage; get quotes early because flood and wind premiums can materially impact your total costs.
What commonly delays Brickell condo closings?
- Estoppel or HOA document delays, appraisal issues, lender conditions, title defects, and building capital projects are frequent causes of timeline extensions.
