Get a Cash Offer

Miami Seller Closing Cost Calculator

  • Published on

Closing Cost Calculator for Miami: Seller Averages

This free calculator can help home sellers in Miami estimate their closing costs and net proceeds. To get a ballpark idea of the cost of selling a house in the Magic City, enter the information for each of the input fields above. You can see typical or state averages for most Miami seller closing costs below.

Home Selling Price: $680,000

How does your home compare to the city’s median selling price of $680,000? To determine your listing price, you can:

  1. Get a preliminary estimate with HomeLight’s free Home Value Estimator
  2. Request a Comparative Market Analysis (CMA) from a top Miami agent
  3. Purchase a pre-listing home appraisal (typically $650 in Miami)
  4. Visit this HomeLight map link to compare recently sold homes in Miami

Mortgage Payoff Amount: $251,713

According to Experian, the average homeowner in Florida has a mortgage balance of $251,713. To find the exact payoff amount for your Miami home, check your latest mortgage statement or contact your mortgage provider.

Listing Agent Fee: $17,000–$20,400

A typical listing agent commission in Miami is 2.5% to 3% of the home’s selling price. On a $680,000 house, your agent’s fee might range from $17,000–$20,400.

Get the Highest Proceeds: HomeLight data shows that the top 5% of agents sell homes faster and for up to 10% more than average agents. Try HomeLight’s free Agent Match platform to consult with the highest-performing agents in your Miami market.

Buyer’s Agent Fee: $17,000–$20,400

In the past, most home sellers covered both the listing agent and the buyer’s agent commissions. However, following a landmark court settlement by the National Association of Realtors, buyers are now expected to negotiate compensation directly with their own agents. If you’re offering to pay this fee to attract buyers or help close a deal, on a $680,000 median-priced Miami home, you can expect to pay $17,000–$20,400.

Detailed Closing Costs: $13,600–$34,000

Closing costs in Miami typically average 2%–5% of the home’s sale price. Whether your property falls in the high or low end of this range depends on its value, condition, the purchase agreement, and what services you end up paying for. On a median-priced home of $680,000, you might pay $13,600–$34,000. Below are some of the typical types of closing costs you can expect in a Miami home sale:

  • Home Preparations: To help make your Miami home stand out, you’ll want to improve its curb appeal. This means professional cleaning, landscaping, or staging of the property.
  • Renovations/Repairs: Fixing or updating your Miami home to meet buyer expectations or inspection requests.
  • Title Service Fees: Title company work required to verify legal ownership and help manage the transfer of the property.
  • Owner’s Title Insurance: A one-time insurance premium paid by the buyer in Miami to protect the buyer from title issues or ownership disputes.
  • Transfer Taxes: Miami home sellers pay a state transfer tax rate of $0.60 per $100 of the property’s value.
  • Recording Fees: You’ll need to pay a small fee to the local city or county recording office to officially record the change in property ownership. This will vary by municipality.
  • Buyer Incentives: With buyers being more hesitant in the current Miami market, you may need to offer concessions or credits to sweeten a deal, such as paying the buyer’s agent fees or funding an interest rate buydown.
  • Other Costs: You’ll likely have some miscellaneous expenses that are not covered in other categories, such as attorney fees and HOA transfers. (An attorney is not required to sell a house in Florida.)
  • Moving Expenses: While paying for movers or a rental truck is not technically closing costs, you should still factor this into your budget, which can range from $883 to $7,000.

Miami-Dade County’s transfer tax rate is $0.60 on each $100, making it the only county in the Sunshine State without a transfer tax of $0.70 on each $100 of the property’s value.

The county also has a surtax of $0.45 on each $100, or portion thereof, of the total consideration. This does not apply to single-family home transactions.

Make Buying and Selling Easier: Most Miami sellers are also buyers looking to purchase a new home. With HomeLight’s Buy Before You Sell program, you can make a non-contingent offer on your new home and only move once. Watch this short video to learn more.

More Helpful Seller Tools From HomeLight

Here are some additional tools you may find helpful as you plan your Miami home sale:

Want to avoid closing costs and sell fast? Get a cash offer today.

With HomeLight’s Simple Sale platform, you can receive a no-obligation, all-cash offer in 24 hours and close in as few as 10 days. Answer a few questions about your Miami home to get started. Along with your offer, you’ll also see an estimate of what a top Miami agent might be able to get for your home. Get both options with one tool.

As you look ahead to your next home purchase, here are some helpful buyer tools:

At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.

Need a ballpark listing price?

Use our free home value estimator