Buying or selling in South of Fifth comes with more than a price and a closing date. In a condo‑heavy neighborhood like SoFi, association fees, transfer items, and state taxes can add up fast. You want clear numbers, no surprises, and a smooth handoff on keys. This guide breaks down typical buyer and seller closing costs, SoFi‑specific condo fees, timelines, and how to verify every line before you sign. Let’s dive in.
What closing costs include in SoFi
Closing costs are the one‑time expenses you pay to complete a real estate transfer. In Florida, these include title and recording charges, state taxes on documents, lender fees if you finance, and association items for condos. In South of Fifth, most transactions are condo sales, so association estoppels, transfer fees, and move‑in/move‑out charges are common. Many items are negotiable or shaped by local custom, so always confirm them with your title company and agent.
Buyer closing costs in South of Fifth
Loan and lender fees
If you finance, expect lender charges such as origination, processing, underwriting, and a credit report. Your lender will also order an appraisal. Florida applies an intangible tax when a new mortgage is recorded. Ask your lender for a Loan Estimate early, so you see these numbers in writing.
Title and recording
Buyers typically pay for the lender’s title insurance policy, plus title search and settlement fees. You will also see recording fees for the deed and mortgage payable to the Miami‑Dade County clerk. Who pays the owner’s title policy can follow local custom or your contract terms, so confirm this with your title company.
Prepaids and escrows
Plan for prepaid interest, your first year of homeowner’s insurance or a binder, and initial deposits for tax and insurance escrows if your lender requires them. Property taxes and condo dues are prorated to the closing date. These items are separate from your down payment and can be a meaningful part of your cash to close.
Condo and association costs
Most SoFi buildings require an association application and approval. Buyers may owe a transfer fee, a move‑in fee, or a capital contribution, depending on the building. Monthly condo dues are typically prorated, and some associations collect the first month at closing. Review the resale package and house rules early so you know every fee and timeline.
Typical buyer totals (estimates)
For financed purchases in Florida, buyers commonly see total closing costs in the range of about 2% to 5% of the purchase price, plus any prepaid escrows and discount points. On a $1,000,000 condo, that could be roughly $20,000 to $50,000 before prepaids, depending on loan size, building fees, and negotiated terms. Treat these as planning estimates only and verify exact figures on your Loan Estimate and your final Closing Disclosure.
Seller closing costs in South of Fifth
Commission and marketing
Broker commission is usually the largest seller expense and is paid from sale proceeds at closing. Industry surveys often show a typical total commission around 5% to 6%, though structure and rates vary by market and property. Confirm the specific rate and inclusions in your listing agreement.
Title, taxes, and payoffs
Sellers pay off existing mortgages and any liens at closing. Florida charges documentary stamp tax on deeds, and local custom determines who pays it, so confirm this with your title company or listing agent. In many Miami‑Dade transactions the seller pays the owner’s title insurance policy, but it depends on contract and custom. Property taxes, utilities, and condo dues are prorated to the closing date.
Condo documents and delivery
Most condo resales require an estoppel certificate from the association that confirms account status and any violations or fines. Associations charge a fee for preparing the estoppel, which is commonly billed to the seller, although contracts can assign it differently. Associations may also charge for a resale package that includes budgets, bylaws, and rules.
Typical seller totals (estimates)
Sellers often see total selling costs in the range of about 5% to 8% of the sale price, including commission. On a $1,000,000 sale, that may land around $50,000 to $80,000 when you factor in commission, owner’s title policy if applicable, documentary stamp tax if assigned to the seller, prorations, and any concessions. Always request an itemized settlement statement from your title company to verify your net proceeds.
Condo specifics to watch in SoFi
Estoppel and transfer fees
Condo associations issue an estoppel to confirm dues, assessments, and compliance. Florida’s Condominium Act provides timelines for delivery and sets conditions for fees. Transfer, application, move‑in, and move‑out fees vary by building and can range from a few hundred dollars to several thousand dollars in some cases. Ask the association or manager for the current fee schedule as soon as your contract is executed.
Rental and city rules
The City of Miami Beach regulates short‑term rentals and condo registration. Some buildings prohibit short‑term rentals or set minimum lease periods. If rental flexibility matters to you, review the association rules and current city ordinances before you commit to the purchase.
Title complexity in luxury towers
High‑value condo deals can include assigned parking, storage, or cabanas that must be reflected in title. Title searches may be more detailed for SoFi properties and can affect timing and costs. Review the title commitment early so there is time to clear exceptions.
Timeline and disclosures
Loan Estimate and Closing Disclosure
Federal rules require your lender to provide a Loan Estimate early and a final Closing Disclosure at least three business days before closing. These forms break down loan terms and closing costs line by line. Compare them and ask your lender and title company to explain any differences.
Association timelines
Associations have defined timelines to deliver estoppels. Application approvals often have set windows as well. Submit your application and required documents quickly to protect your closing date.
Recording and funding day
Deeds and mortgages are recorded with the Miami‑Dade County clerk. Recording and disbursement usually happen on closing day once all parties sign and funds are in. Your title company will send a final settlement statement and proof of recording after closing.
How to verify your numbers
Use this quick checklist to confirm exact costs for a South of Fifth condo closing:
- Lender: Request a Loan Estimate for all lender fees, points, and whether you must fund tax and insurance escrows. Ask about the mortgage intangible tax.
- Title company: Request an itemized draft settlement statement for both sides, including title premiums, documentary stamp taxes, recording, and closing fees. Confirm who pays the owner’s policy in your deal.
- Association/manager: Ask for the estoppel certificate, transfer and move‑in/out fees, capital contribution, and the resale document package cost. Confirm any outstanding fines or assessments.
- Listing or buyer’s agent: Confirm local custom on owner’s title policy and documentary stamp tax for Miami Beach, and whether concessions are common for your property type.
- County and state references: Verify recording fee schedules with the Miami‑Dade clerk and the calculation method for Florida documentary stamp and intangible taxes with the Florida Department of Revenue.
Smart ways to reduce surprises
- Ask for all fees in writing early. The Loan Estimate, association fee schedule, and title draft statement prevent last‑minute surprises.
- Clarify who pays what in your contract. Spell out owner’s title policy, estoppel, transfer fees, and documentary stamp tax.
- Time your closing thoughtfully. Month‑end closings can affect prepaid interest and escrow calculations.
- Review the title commitment. Clear exceptions and confirm all appurtenances, such as parking or storage, are included.
Buying or selling in SoFi should feel clear and well organized. If you want a boutique, concierge‑style process with local insight into SoFi association practices, title customs, and timelines, connect with our team at Vella Real Estate. We will help you map every cost and milestone so you can close with confidence.
FAQs
What are typical SoFi buyer closing costs?
- Buyers who finance often see about 2% to 5% of the purchase price in closing costs, plus prepaid escrows and any points, depending on loan size and association fees.
Who pays the owner’s title policy in Miami‑Dade?
- Local custom often assigns the owner’s policy to the seller in Miami‑Dade, but it is contract specific, so confirm with your title company and agent.
What is a condo estoppel fee in Miami Beach?
- It is a paid certificate from the association that confirms account status, assessments, and compliance; it is often a seller expense, but contracts can assign it differently.
How are seller costs calculated in SoFi?
- Sellers typically pay broker commission, owner’s title policy if custom dictates, documentary stamp tax if assigned, prorations, and any liens or concessions, all itemized on the settlement statement.
Are short‑term rentals allowed in South of Fifth condos?
- Rules vary by building and city ordinance; some condos restrict short‑term rentals or require minimum lease periods, so verify association rules before you buy.
When will I know my final closing costs?
- Your lender must deliver a Closing Disclosure at least three business days before closing, and your title company will provide an updated settlement statement with final prorations.
