Doc stamps are excise taxes imposed by Florida law on the transfer of ownership or interest in a real estate transaction. Doc stamps are one of the most expensive closing cost items for both a buyer and a seller. Doc stamps are paid one time at the time of closing and can be seen on lines 1200 to 1206 of the closing statement (also known as “the HUD”).
The rates for doc stamps are as follows:
- Deed $0.70 per $100 of purchase price; customarily paid by seller
- Mortgage $0.35 per $100 of mortgage; customarily paid by buyer
- Intangible Tax $0.002 per $1 of mortgage; customarily paid by buyer
Example: $400,000 purchase price; $300,000 mortgage
- Deed $400,000 / $100 = 4,000 taxable increments x $0.70 = $2,800 customarily paid by seller
- Mortgage $300,000 / $100 = 3,000 taxable increments x $.035 = $1,050 customarily paid by buyer
- Intangible Tax $300,000 x $0.002 = $600 customarily paid by buyer
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