Tom: Unlike many states, where closing costs are divided fairly evenly between buyer and seller, in Florida the burden of closing expenses fall almost exclusively on the seller. The only costs other than minimal closing fees (under $300) that are the responsibility of the buyer are those costs associated with a loan. Then, there are numerous loan fees from the bank, title insurance and state doc fees on the loan. Some banks also require several months advanced property insurance and property taxes. These loan related fees can range from 2 to 3.5% of the loan value. A Florida cash buyer has less than $300 in total closing expenses, regardless of the price of the home.
The seller is responsible for Realtor sales commission (typically 6%), unpaid property taxes up to closing date, along with title insurance, state doc stamps on the sales price of the home, and various title company fees for preparing the paperwork, filing with recorder's office, etc. All these seller closing expenses total 7.5% - 7.75%, depending on when during the year the closing takes place, which will determine how much property taxes are owed for that year. Using the 7.5% - 7.75% guideline will get you a very close approximation of a seller's closing expenses.