Florida documentary stamp taxes (doc stamps) are an excise tax imposed on certain documents when they are recorded. Two types of doc stamps affect real estate transactions: stamps on the deed (paid on property transfers) and stamps on the mortgage note (paid when a new mortgage is executed). MLOs closing loans in Florida need to include both in their closing cost projections.
Doc Stamps on the Deed
Documentary stamps on the deed are paid when ownership of the property transfers. The rate is $0.70 per $100 of consideration (the purchase price) in most Florida counties. Miami-Dade County uses a different rate structure, with a base rate of $0.60 per $100 and a surtax on certain transactions. The deed transfer stamps are typically paid by the seller by custom in many Florida markets, though this is negotiable in the purchase contract.
Doc Stamps on the Mortgage Note
Documentary stamps on the mortgage note are charged at $0.35 per $100 of the note amount and are the borrower's closing cost. These apply to the full face amount of the mortgage note. On a $400,000 mortgage, the doc stamp on the note is $1,400. This applies to new purchase mortgages, refinances, and home equity loans when a new note is executed. Refinances where the existing note is modified rather than replaced may have different treatment.
- ✦Deed stamps: $0.70 per $100 of purchase price in most counties; typically paid by seller
- ✦Note stamps: $0.35 per $100 of mortgage amount; paid by borrower
- ✦Miami-Dade County: different deed stamp rate; verify before closing in Miami-Dade
- ✦Applies to: purchase mortgages, refinances, and HELOCs when a new note is executed
Closing Cost Impact
On a $500,000 purchase with a $450,000 mortgage, the borrower can expect approximately $1,575 in note doc stamps plus their share of any deed stamps. For refinances, the note stamps are the primary state tax cost. Florida is not a low-closing-cost state because of these taxes, and MLOs should include them in the Loan Estimate from day one.
Aria can help you calculate Florida closing costs including doc stamps for any transaction size and county. Ask at vicariointel.com.
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