What Are Closing Costs?
Closing costs are fees and expenses paid at the closing of a real estate transaction, above and beyond the purchase price. They can range from 2–5% of the purchase price, but there are many variables that can significantly impact the final number. For buyers, factors such as lender fees, prepaid interest, prorated property taxes, and prorated HOA fees can all affect your total — so it is important to budget carefully and plan ahead. For sellers, commission costs are typically the largest variable.
Mimi Can Help: Mimi can request a pre-estimate from the title company and, if financing is involved, from your lender as well — so you know exactly what to expect and can budget accordingly with no surprises at the closing table.
Florida Closing Costs
| Item | Typical Range | Notes |
|---|---|---|
| Title Insurance (Owner's Policy) | 0.5–1% | Buyer typically pays in South Florida |
| Lender's Title Insurance | $500–$2,500+ | Required by lender |
| Title Search & Settlement Fee | $750–$1,500 | Paid to title company |
| Recording Fees | $100–$300 | County recording of deed |
| Loan Origination Fee | 0.5–1% | Lender fee |
| Appraisal Fee | $500–$2,000 | Higher for luxury properties |
| Home Inspection | $400–$1,500 | Always recommended |
| Homeowner's Insurance (Prepaid) | $2,000–$10,000+ | 1 year prepaid at closing |
| Property Tax Escrow | 2–6 months | Impounded by lender |
Utah Closing Costs
| Item | Typical Range | Notes |
|---|---|---|
| Title Insurance | 0.4–0.8% | Utah rates are slightly lower |
| Escrow/Settlement Fee | $800–$1,500 | Split between buyer and seller in Utah |
| Recording Fees | $50–$200 | Summit County fees |
| Loan Origination Fee | 0.5–1% | Lender fee |
| Appraisal Fee | $600–$2,500 | Higher for luxury mountain properties |
| Home Inspection | $500–$1,500 | Include sewer scope for older homes |
| Homeowner's Insurance (Prepaid) | $1,500–$6,000+ | Mountain properties vary widely |
| Property Tax Escrow | 2–6 months | Utah property taxes are relatively low |
Good News for Utah Buyers: Utah has some of the lowest property tax rates in the nation — a significant advantage for luxury property owners.