Buying or selling a Miami Beach condo and not sure what closing will really cost? You are not alone. Between lender fees, state taxes, and condo association charges, the final number can be hard to predict. This guide breaks down who pays what in Miami‑Dade, how cash and financed deals differ, and which condo fees surprise people most. Let’s dive in.

Miami Beach customs: who pays what

In Miami‑Dade, it is common for the seller to cover real estate commission and the owner’s title insurance premium. Buyers typically pay lender‑related charges, the intangible tax on new mortgages, documentary stamp tax on the promissory note, and the lender’s title policy if financing. All items are negotiable, so always confirm what your contract says.

Condo transactions add association fees you do not see in single‑family sales. You will likely encounter estoppel or resale certificates, transfer and move‑in fees, and possible capital contributions or special assessments. These vary widely by building and can influence which offer terms a seller prefers.

Buyer closing costs

Cash purchases

Cash buyers skip lender underwriting, loan origination, and most appraisal and mortgage taxes. You still budget for title and closing services, recording fees, condo association estoppel or resale certificates, and any transfer or move‑in charges. Prepaid items like insurance and prorated HOA dues also apply.

For planning, cash buyer costs often total about 1 to 3 percent of the purchase price. The biggest swing factors are association fees, insurance, and any building‑specific deposits or assessments.

Financed purchases

If you are getting a mortgage, add lender fees, an appraisal, possible points, and state taxes tied to the loan. Florida imposes an intangible tax on new mortgage principal and a documentary stamp tax on the promissory note. Your lender will also require a lender’s title policy.

Financed buyer costs commonly run about 2 to 5 percent of the purchase price. Your total depends on loan size, points you choose to pay, and building‑specific association fees.

First‑time and international buyers

Give yourself extra time for condo board applications and background checks. If you are abroad, expect additional bank verification steps, potential document translations, and secure wiring requirements. If the seller is a foreign person, FIRPTA withholding may apply to the sale and can affect timing, so your title company will flag this early.

Seller closing costs in Miami Beach

Sellers in South Florida usually cover real estate commission, which is often the largest cost. It is also customary for sellers in Miami‑Dade to pay the owner’s title insurance premium and documentary stamp tax on the deed, although this is negotiable. Plan for mortgage payoff and lien release fees, prorated taxes and HOA dues, and any association transfer or estoppel charges per your contract.

As a planning range, total seller costs often land around 6.5 to 10 percent of the sale price, with commission being the largest line item.

Condo‑specific fees to expect

Estoppel or resale certificate

Your association issues an estoppel or resale certificate that confirms account status, fees, and any special assessments. Fees usually run from the low hundreds to several hundred dollars, and turnaround times vary by building. Who pays is often negotiated.

Transfer, application, and move‑in charges

Many buildings charge a transfer or processing fee along with a board application fee. Some require move‑in or move‑out deposits. If a deeded parking space or locker transfers, the building may charge a separate administrative fee.

Capital contributions and special assessments

Some associations require a capital contribution at closing. Others may have approved or pending special assessments. Your estoppel and condo disclosures should surface these items, so review them early.

Insurance and flood considerations

Miami Beach properties face wind and flood risk. Lenders will require evidence of appropriate coverage before closing, and premiums can be higher near the water. If you plan to escrow insurance and taxes, expect initial prepaid amounts at closing.

What to budget: quick ranges and an example

Use these planning ranges to frame your budget:

• Cash buyer: about 1 to 3 percent of the purchase price
• Financed buyer: about 2 to 5 percent of the purchase price
• Seller: often 6.5 to 10 percent of the sale price

Example for an $800,000 Miami Beach condo:

• Cash buyer: title and recording services, association estoppel and transfer fees, and prepaids typically land around $8,000 to $24,000. Buildings with higher transfer fees or deposits sit toward the top of that range.
• Financed buyer: add appraisal, lender charges, intangible tax and documentary stamps on the note, and a lender’s title policy. Total buyer costs can reach $16,000 to $40,000+ depending on lender terms and points.
• Seller: commission, the owner’s title policy if seller‑paid, documentary stamps on the deed, payoff and prorations, plus any association charges. Total reductions frequently equal about 7 to 10 percent of the sale price before any loan payoff.

Timelines and process in Miami Beach

Cash vs. financed timelines

Cash deals often close in 7 to 21 days. Financed deals commonly take 30 to 45 days due to appraisal and underwriting. Either path can be delayed by association approvals or title issues, so build in some flexibility.

Association approvals and estoppel timing

Condo boards may require background checks, interviews, or financial documentation. Estoppel turnaround times range from a few days to longer, and some buildings meet monthly to review applications. Submit a complete package as early as possible to protect your timeline.

Secure funds and wire safety

Confirm wiring instructions directly with the title company by phone before sending funds. Expect to wire certified funds for your deposit and closing. Use secure channels and be alert to phishing attempts.

How to reduce surprises

• Ask for an itemized estimate early. Your lender can provide a Loan Estimate, and the title company can estimate title, recording, and association fees.
• Clarify condo fees in writing. Confirm who pays estoppel, transfer and application fees, and whether the building requires a capital contribution.
• Price insurance early. Request quotes for homeowners, wind, and flood coverage, then factor any lender escrow.
• Identify cross‑border issues early. If a party is a non‑U.S. person, the title company will address FIRPTA withholding and any additional documentation.
• Verify customs in your contract. Local practices are common but not universal, so rely on what the contract states.

Work with a trusted local advisor

Condo closings in Miami Beach are predictable when you plan for association fees, state taxes, and lender requirements ahead of time. A detail‑oriented advisor helps you interpret the estoppel, structure who pays which items, and keep your timeline on track. If you want a clear, line‑by‑line path to closing with concierge support, connect with Shayna Hanson for guidance tailored to your building and situation.

FAQs

Who pays the owner’s title insurance in Miami Beach?

• Customarily the seller pays the owner’s title policy in Miami‑Dade, but it is negotiable and your contract controls.

What is an estoppel or resale certificate and who pays for it?

• It is a condo association statement of account and rules; fees and turnaround times vary, and payment is negotiable, often with sellers paying the estoppel and buyers paying application fees.

How much should I budget for closing as a buyer?

• Plan for about 1 to 3 percent of the price if paying cash, or about 2 to 5 percent if financing, then refine with a title company and your lender.

Will a cash offer always close faster on a condo?

• Cash closes faster than financed deals in many cases, but board approvals, estoppel timing, and title issues can still extend the timeline.

Are there special costs for international buyers in Miami Beach?

• Expect extra banking and identity verification steps, possible translations, and secure wiring; if the seller is foreign, FIRPTA withholding rules may affect closing funds and timing.

Do buyers pay Florida documentary stamp taxes?

• Buyers who finance typically pay documentary stamps on the promissory note and the intangible tax on the mortgage, while sellers commonly pay documentary stamps on the deed, subject to contract negotiation.