Buying in Port St. Joe and wondering what you will owe at the closing table? You are not alone. Closing costs can feel confusing, especially if you are buying from out of state or this is your first coastal home. In this guide, you will see what buyers typically pay in Gulf County, how Florida’s taxes are calculated, what coastal factors can add to costs, and a clear sample estimate. Let’s dive in.
What closing costs include
Closing costs are the fees and prepayments required to finalize your purchase. As a buyer, you may see some or all of the following on your Closing Disclosure:
- Third-party services: title insurance policies, title closing fee, recording fees, survey, appraisal, inspections, credit report, flood certification, and courier or notary.
- Lender charges: origination, processing, underwriting, application, points, and any required mortgage insurance tied to your loan type.
- Government charges: Florida documentary stamp taxes on the deed and note, Florida intangible tax on new mortgages, and county recording fees.
- Prepaids and escrows: prepaid interest from funding to your first payment, the first year of homeowners insurance, and initial escrow deposits for property taxes and insurance.
- Situational items: HOA or condo estoppel fees, septic or well inspections, and flood insurance if required.
Florida taxes to expect
Florida applies several standard taxes in real estate closings. Knowing the formulas helps you estimate your costs early.
- Documentary stamp tax on the deed: $0.70 per $100 of the sale price. Formula: sale price × 0.007.
- Documentary stamp tax on the promissory note: $0.35 per $100 of the loan amount. Formula: loan amount × 0.0035.
- Florida intangible tax on new mortgages: 0.2% of the loan amount. Formula: loan amount × 0.002.
- Recording fees: county fees to record the deed and mortgage. These are usually modest and depend on document count and page length. Check the Gulf County Clerk for current amounts.
There is no separate state transfer tax beyond the documentary stamps noted above. Who pays each item is set by your contract and local custom.
Who pays what in Port St. Joe
Payment responsibilities are negotiable and depend on your contract. In many Florida transactions, sellers often cover the owner’s title insurance premium and may also pay deed stamps. Buyers commonly pay lender-related charges, the lender’s title policy, note stamps, intangible tax, appraisals, and prepaids. Since customs vary by area and deal type, confirm in writing with your agent and the title company.
How your loan affects costs
Your loan size and program directly change the taxes and fees tied to financing.
- Larger loan amount means higher note stamps and intangible tax since both are calculated from the loan.
- Conventional loans may include private mortgage insurance if you put less than 20 percent down.
- FHA financing includes an upfront mortgage insurance premium that can be financed or paid at closing, plus monthly MIP.
- VA loans do not have mortgage insurance but include a VA funding fee that can be financed or paid at closing.
- USDA loans have program-specific guarantee fees. Appraisal and underwriting needs can vary by program.
If you are comparing programs, ask your lender for a written Loan Estimate so you can see how each loan changes your bottom line.
Prepaids and escrow deposits
Prepaids are not fees. They are upfront amounts to start your insurance and tax accounts.
- Prepaid interest: covers interest from the day you close until your first payment date.
- Homeowners insurance: many lenders require a full year paid at closing or a binder.
- Initial escrow deposit: lenders often collect several months of taxes and insurance to seed your escrow account.
- Property tax proration: Florida taxes are billed annually. Your closing will prorate taxes for the calendar year so each party pays their share to date.
If you plan to make the home your primary residence, the Florida homestead exemption can reduce property taxes once you qualify. Filing deadlines and occupancy rules apply, so plan to file by March 1 after you close.
Coastal factors in Gulf County
Port St. Joe is coastal, and that can influence your costs.
- Flood insurance: if the property is in a FEMA Special Flood Hazard Area, your lender will require flood insurance. Premiums vary by elevation and coverage.
- Elevation certificates: some buyers obtain one to refine flood risk and insurance quotes.
- Insurance trends: coastal markets often see higher or changing premiums. Get quotes early so you can budget accurately.
- Remote closing logistics: if you are out of state, plan for courier, wire, or remote notarization timing.
Typical ranges you might see
Actual figures depend on property, loan, and timing. These ranges are common for buyers in Florida.
- Lender charges: origination fee varies, with processing and underwriting often in the $300 to $1,200 range combined.
- Appraisal: about $400 to $800, sometimes higher for complex or coastal homes.
- Credit report: about $20 to $50.
- Flood certification: about $15 to $30.
- Title and closing: settlement fee often $200 to $600, plus regulated title insurance premiums.
- Recording and documentary charges: often $50 to $300 for county recording, plus state documentary and intangible taxes as calculated above.
- Inspections: home inspection about $300 to $600, pest inspection about $75 to $150, surveys about $300 to $900.
- Prepaids and escrows: prepaid interest varies by closing date. Initial escrow deposits and the first year of homeowners insurance can be significant, especially near the coast.
As a broad rule of thumb, buyer closing costs (not counting your down payment) often land around 2 to 5 percent of the purchase price. Many Florida buyers see roughly 2 to 3 percent on typical conventional purchases, but costs can rise with larger loans, condos, special inspections, or higher insurance.
Sample buyer estimate (illustrative)
The example below is a simple illustration. Your actual Closing Disclosure will show exact numbers for your deal.
Assumptions: purchase price $300,000. Conventional loan $240,000. Buyer is not paying the owner’s title policy in this example. No HOA, standard inspections, and no unpaid taxes. Figures are samples only.
- Deed documentary stamp tax: 0.007 × $300,000 = $2,100. This is often a seller cost in many Florida contracts, but it is negotiable.
- Note documentary stamp tax: 0.0035 × $240,000 = $840. Typically paid by the buyer when financing.
- Florida intangible tax on the mortgage: 0.002 × $240,000 = $480.
- Appraisal: $500.
- Credit report: $35.
- Lender processing and underwriting: $900.
- Lender’s title insurance premium and title fees: $1,200.
- Initial escrow deposit for taxes and insurance: $1,200.
- Prepaid homeowners insurance (first year): $1,200.
- Prepaid interest: $300.
- Home and pest inspections: $450.
- Recording and county fees: $150.
- Courier, wire, and notary: $150.
Sample subtotal of buyer items, excluding down payment and assuming seller pays the deed stamps and owner’s title policy:
- Mortgage-related state taxes: $840 + $480 = $1,320.
- Lender, title, prepaids, and services: $4,885.
- Sample buyer total: about $6,200, which is roughly 2.07 percent of the $300,000 price. If your contract requires you to pay deed stamps or the owner’s title policy, add those amounts to your total.
How to get exact numbers
You can lock in accurate figures early by asking for two documents:
- A written Loan Estimate from your lender. This outlines your rate, loan fees, mortgage insurance, and prepaids.
- A preliminary net sheet from the title company. This shows the documentary and intangible taxes, recording fees, and who pays what under your specific contract.
Also request flood zone details and insurance quotes, a survey estimate if needed, HOA or condo estoppel fees if applicable, and a schedule for inspections. These items help prevent surprises and keep your closing on track.
Ready for a custom breakdown?
If you want a property-specific estimate for Port St. Joe, we can coordinate with your lender and a local title company to produce a clear, line-by-line picture of your closing costs. We live and work on the Forgotten Coast and pair local knowledge with financing clarity so you can buy with confidence. Reach out to the Homes with Hof Team to Schedule a Free Consultation.
FAQs
What are typical buyer closing costs in Port St. Joe?
- Many buyers see about 2 to 5 percent of the purchase price, with 2 to 3 percent common on conventional loans, not including your down payment.
How are Florida deed and note taxes calculated for buyers?
- Deed stamps are 0.70 per $100 of price (price × 0.007). Note stamps are 0.35 per $100 of loan (loan × 0.0035). The intangible tax is 0.2 percent of the loan (loan × 0.002).
Who usually pays the owner’s title insurance in Gulf County?
- It varies by contract and local custom. In many Florida deals the seller pays, but you should confirm in your purchase agreement and with the title company.
Do I need flood insurance in Port St. Joe and how does it affect closing costs?
- If the home is in a FEMA Special Flood Hazard Area, your lender will require flood insurance. Expect to prepay the first year of coverage and fund escrows, and consider an elevation certificate for accurate quotes.
What prepaid items and escrows should I expect at closing?
- Plan for prepaid interest, the first year of homeowners insurance, and initial escrow deposits for taxes and insurance. Property taxes are prorated based on your closing date.
How do condos or HOAs change buyer closing costs locally?
- Associations may charge estoppel or document fees and can require specific insurance. Ask for HOA or condo fee estimates early so they appear on your net sheet.
