It's very important to remember that when buying property in Florida, you should allow 2% of the total purchase price for closing costs if you don't require an American mortgage; 5% if you do require one.

Florida law requires that a buyer be provided with a full list of all costs prior to signing the HUD statement. These statements can often arrive a day or so before closing from the closing agent, which can become very frustrating for buyers.

Fees may include the following:

1. Termite Report - VERY important in Florida - Approximately $50
2. House Inspection - This report covers the condition of the house and equipment in it - ie air conditioning, irrigation system etc - Approximately $300
3. Land survey - This deals with the plans and layout of the property. - it may be necessary to verify property boundaries. It may be possible to obtain an updated document from the surveyor who carried out the previous survey.
4. Legal fees - The cost of these services will depend if you just use a Title Company (Most Americans buying in Florida do) or a local attorney or overseas lawyer. The services of a lawyer in the UK can be considerably higher than a Florida attorney specialising in property. Most experts agree that when buying a property in Florida you should employ the services of an experienced local Attorney.
5. Insurance premiums - These will depend on how extensive a policy you require - are you in a flood zone? These are paid a year in advance in Florida.
6. Government recording fees - for the transfer of ownership and mortgage to be recorded at the county courthouse.
7. Property tax - Paid a year in arrears in Florida - depend entirely on the property. Florida discounts the bill by various percentages if the bill is paid ahead of the final payment date .
8. Mortgage fees - These should be estimated by the mortgage company via a "good faith estimate". If you obtain a mortgage the costs will total around three per cent of the mortgage sum, which may include the following:- mortgage application fee; credit report fee; appraisal fee; lender's legal fees; lender's title insurance fee; loan origination fee; loan discount fees (referred to as points you are basically paying in advance for a discount for the mortgage); document preparation and documentary stamps.

As you can see, there are many fees & charges that go along with the purchase of property in the state of Florida. Make sure to take these into account when drawing up a budget in order to make your closing go much smoother!