Miami Pre-Construction Closing Costs: What to Expect

Closing costs on a Miami new-construction purchase can differ from a resale transaction because the developer's contract — not a standard state form — controls how costs are allocated.

Costs that commonly appear

• Title insurance and closing/settlement fees (allocation between buyer and developer varies by contract)
• Documentary stamp taxes and recording fees
• Developer administrative or capital contribution fees, common in new Miami condominiums
• Prorated association dues and reserve contributions
• Loan-related costs, if financing

Why estimates vary so much

Because developers write their own purchase agreements, the party responsible for certain costs (and the exact fee amounts) differs from building to building — a cost that is standard in one Miami development may not appear at all in another. The estimated closing statement, once available, should be reviewed line by line, ideally with a real estate attorney.

Ask Diego for the closing-cost allocation on a specific development before you commit.