A buyer sat across from me last month, pre-approved, motivated, and about to make an offer on a Brickell one-bedroom. Then she asked the question I wish every buyer asked on day one: "Agu, what do I actually need to bring to the closing table besides the down payment?"
Most people budget for the price and the down payment and get surprised by everything in between. In a market where Miami-Dade condos are sitting at roughly 12 months of supply, that surprise is optional, because the closing costs are one of the most negotiable parts of the deal.
The Market You're Closing In
Here's the backdrop. Per MIAMI REALTORS data through July 2026, the Miami-Dade median condo price was about $400,000, down roughly 1.5% year over year. Active condo inventory stood near 11,324 listings. It took 86 days from listing to contract, up from 65 a year earlier, and sellers were landing around 93% of original list price. Cash still made up about 47.5% of sales.
That's a buyer's market, and I've written about how to use it in my buyer's-market leverage playbook and in the condo market turnaround breakdown. Leverage isn't only about the price. It's about the whole statement the seller signs at the end.
The Line Items, Explained
These are the costs I walk every Miami condo buyer through. Rates below are the standard Florida figures; always confirm exact amounts with your title company and lender.
| Cost | Typical Amount | Who Customarily Pays |
|---|---|---|
| Doc stamps on the mortgage note | 0.35% of the loan | Buyer (financed only) |
| Florida intangible tax on the mortgage | 0.2% of the loan | Buyer (financed only) |
| Deed doc stamps | 0.60% of price | Seller on a resale; buyer on new development |
| Miami-Dade surtax (0.45%) | Not due on a condo unit | N/A for condos |
| Owner's title insurance | Roughly 0.3%–0.5% of price on larger purchases | Buyer in Miami-Dade, by local custom |
| Association estoppel, application, capital contribution | Varies by building; get it in writing | Typically buyer |
Take a $400,000 condo with 20% down. Your loan is $320,000, so the state mortgage taxes alone are about $1,120 in doc stamps plus $640 in intangible tax. Add lender fees, title, the association's charges, and prepaid items like insurance and your first dues, and you're realistically looking at a few percent of the price in cash beyond the down payment. Cash buyers skip the mortgage taxes entirely, which is part of why they close cheaper.
Single-family buyers never see the association charges. As a condo buyer you may pay an estoppel fee for the building's certificate, an application or approval fee, and a capital contribution that goes straight into the association's reserves. That last one is a real number in many Miami buildings, so ask for it before you fall in love with a unit, not after.
How I Get Sellers to Cover Your Costs
1. Ask for a credit, not just a lower price
A $12,000 price cut and a $12,000 closing-cost credit are not the same to a lender. The credit comes off what you bring to the table and helps your cash position, while a lower price lowers your loan. In a market with 86 days to contract, plenty of sellers prefer to protect their headline number and give you the credit. I often negotiate both.
2. Know the lender's ceiling on concessions
On a conventional loan for a primary residence, the cap on seller contributions generally runs 3% with under 10% down, 6% with 10%–25% down, and 9% above 25% down. Investment properties are lower. Know your number before you write, so your ask is something the lender will actually allow. I covered the other side of this in my guide to rate buydowns and seller concessions.
3. Point the credit at the right target
Sometimes the best use of a seller credit is a temporary rate buydown, not closing costs. If your monthly payment is the pressure point, a buydown can matter more than $5,000 off the settlement statement. I run both numbers for clients before we pick.
4. Budget for the building, not just the bank
This is where I get protective. A cheap closing on an expensive building is a bad trade. Before you write the offer, I want the budget, the reserve study, and any pending assessments. I broke down why in my post on special assessments and buyer leverage.
Protect Your Liquidity After Closing
Here's the part most agents skip, and it's why I hold an insurance license alongside my real estate license. Closing costs are a one-time hit. What breaks buyers is draining every dollar to get to the closing table and then facing a dues increase, an assessment, or an insurance renewal with nothing left. I tell my clients to keep several months of housing costs in reserve after closing, on top of the down payment. Buy the home. Protect the family. Build the legacy. The second step is what keeps the third one standing.
If you're weighing how much cash to commit, my breakdown of cash versus financing on a Miami condo shows how I think about it.
My Closing-Day Checklist
Before any offer goes in, I confirm four things with every buyer: the exact cash to close from the lender's Loan Estimate, the association's fees in writing, the concession cap that applies to the loan, and how many months of reserves remain after closing. If all four numbers work, we write. If one doesn't, we adjust the offer or keep looking. There's no shame in waiting when the market is handing you time.
If you're looking at a Miami condo and want a real number for what it takes to close, send me the address. I'll walk you through every line. Call me at (305) 791-0812 or visit HomeWithAgu.com. Let's build something real.
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Frequently Asked Questions
How much are closing costs on a Miami condo?
Closing costs vary by building, loan, and whether the sale is a resale or new development. On a financed purchase, Florida charges doc stamps of 0.35% and intangible tax of 0.2% on the loan amount, so a $320,000 loan carries about $1,760 in state mortgage taxes alone. Add title charges, lender fees, association fees, and prepaid items, and the cash needed beyond the down payment commonly lands at a few percent of the price. Cash buyers skip the mortgage taxes and typically close for less. Always get a Loan Estimate and the association's fee schedule in writing.
Who pays for owner's title insurance in Miami-Dade?
By local custom in Miami-Dade County, the buyer typically pays for the owner's title insurance policy, while the seller customarily pays the deed documentary stamps on a resale. Customs differ in neighboring counties and can be negotiated in the contract, so confirm the allocation in your purchase agreement and with your title company before you budget.
Can I ask the seller to pay my closing costs on a condo?
Yes. With Miami-Dade condos sitting near 12 months of supply and about 86 days from listing to contract per MIAMI REALTORS data through July 2026, many sellers will negotiate a closing-cost credit. Lender limits apply: for a conventional primary-residence loan, seller contributions are generally capped at 3% with under 10% down, 6% with 10% to 25% down, and 9% above 25% down. A credit can also fund a temporary rate buydown.
Agu Ukaogo
South Florida Luxury Realtor & Wealth Protection Strategist. FL Real Estate License SL3588365 | Insurance NPN 22138920. One of the few advisors in Miami licensed in both real estate and insurance. HomeWithAgu.com · (305) 791-0812