In depth · Property
Buying property in Miami: how it works
A practical guide to how buying a home or condo in Miami works, from the offer to the closing table, and the costs and rules particular to Florida and the coast. It is general information, not legal or financial advice.
Updated October 2026
From offer to closing
Most purchases follow a standard written contract. After your offer is accepted, you place a deposit in escrow and have a period for inspections, the appraisal and financing. At closing, a title company or a real estate attorney checks the title, arranges title insurance and transfers the funds and the deed. Florida charges a documentary stamp tax on deeds and mortgages; who pays which costs is set out in the contract.
Florida closing taxes
Florida charges a documentary stamp tax when a deed is recorded: 70 cents per $100 of the price in most counties, and 60 cents per $100 in Miami-Dade, plus a 45-cent surtax there unless the deed transfers only a single-family dwelling. A mortgage note carries a further 35 cents per $100, and the nonrecurring intangible tax on a mortgage is 2 mills (0.2%) of the loan. These are the Florida Department of Revenue’s published rates; who pays which is set out in the contract. Our calculator below works them out.
Homestead exemption and property taxes
If the property becomes your permanent residence, you can apply for Florida’s homestead exemption with the Miami-Dade County Property Appraiser; the deadline is 1 March for that tax year. Homestead property also benefits from the Save Our Homes cap, which limits annual increases in its assessed value. Property taxes are billed in November by the Miami-Dade County Tax Collector, with discounts for paying early.
Flood zones, insurance and hurricane codes
Much of coastal Miami and Miami Beach lies in FEMA flood zones. Check the flood zone, elevation and claims history of any property, and get insurance quotes for wind and flood before you commit: flood insurance is separate from ordinary home insurance and can be bought through the National Flood Insurance Program or private insurers. Newer buildings must meet the Florida Building Code’s wind and flood standards. For condominiums, ask about the building’s reserves, inspections and any planned special assessments.
Buying from abroad
Foreign nationals can buy property in Florida. When a foreign owner later sells, US tax rules (FIRPTA) generally require part of the sale price to be withheld for tax. Take advice from a Florida-licensed attorney and a tax adviser in both countries before you buy.
Where people buy
Buyers look at Brickell and Edgewater for towers on the bay, South Beach and South of Fifth for the beach, Mid-Beach and Bal Harbour for oceanfront living, and Coconut Grove, Coral Gables and Key Biscayne for quieter, greener neighbourhoods. See our neighbourhood guides and our Property page; we do not publish price estimates.
Questions and answers
Can foreigners buy property in Miami?
Yes. Take advice from a Florida-licensed attorney and a tax adviser, especially on FIRPTA withholding when you sell.
What is the homestead exemption?
A Florida property-tax exemption for permanent residents, applied for with the county property appraiser by 1 March.
Do I need flood insurance in Miami?
Lenders require it in high-risk flood zones, and it is worth considering everywhere near the coast; check the property’s FEMA flood zone.
Mortgage and Florida closing-tax calculators
Rough numbers before you talk to a lender or closing agent: an estimate of the monthly repayment, and the documentary stamp and intangible taxes due when you buy in Florida. Everything is worked out in your browser; nothing you type is sent anywhere.
General information only, not legal, tax or financial advice. Check with the Miami-Dade County Property Appraiser, the Tax Collector, FEMA and a Florida-licensed professional.