Closing statements, Florida taxes included

Incorrect: $2,083.80 uses $0.60 per $100, which is not the Florida deed rate.

Incorrect: $2,430.75 multiplies the exact price by 0.007 and skips the round-up of the last fractional $100.

Correct: Deed stamps are $0.70 per $100 or fraction: $347,250 is 3,472.5 units, rounded up to 3,473, and 3,473 × $0.70 = $2,431.10.

Incorrect: $1,215.55 uses the $0.35 note rate instead of the $0.70 deed rate.

Correct: The buyer owns June 18–30, 13 days: $2,100 ÷ 30 = $70 a day, × 13 = $910, which the seller owes the buyer.

Incorrect: The amount is right, but rent the seller collected in advance is a credit to the buyer, not a debit.

Incorrect: $1,190 is the seller's 17 days; the buyer is credited for the days the buyer owns.

Incorrect: $840 is 12 days, which gives the day of closing to the seller instead of the buyer.

Incorrect: $980 is the documentary stamp tax on the note at $0.35 per $100, a different tax.

Correct: Florida intangible tax on a mortgage is 2 mills, 0.2% of the secured debt: $280,000 × 0.002 = $560.

Incorrect: $1,960 applies the $0.70 deed stamp rate to the loan.

Incorrect: $1,540 is $0.55 per $100, which is not a Florida mortgage tax rate.

Incorrect: A payoff reduces the seller's proceeds, so it is a debit, not a credit.

Correct: The payoff is money the seller owes at closing, shown in the seller's Summaries of Transactions on page 3.

Incorrect: The buyer does not assume or receive the old loan, so the buyer's side shows nothing for it.

Incorrect: Page 2 lists loan costs and other closing costs, not the seller's loan payoff.

Incorrect: Prepaid dues cover a period that straddles closing and are prorated to credit the seller.

Incorrect: Florida property taxes are paid in arrears and prorated between the parties at closing.

Incorrect: Advance rent covers days after closing and is prorated to credit the buyer.

Correct: Deed stamps are a one-time transfer tax charged to one party, so they are not split by days.

Incorrect: $116,000 leaves out the deed stamps.

Incorrect: $134,550 leaves out the $21,000 commission.

Correct: $350,000 − $21,000 commission − $210,000 payoff − $2,450 − $1,800 − $1,200 = $113,550.

Incorrect: $114,750 leaves out the $1,200 tax proration debit.

Correct: The seller owns January 1–April 30, 120 days: $4,380 ÷ 365 = $12 a day × 120 = $1,440, owed to the buyer who will pay the bill.

Incorrect: $1,452 counts 121 days, giving May 1 to the seller although it belongs to the buyer.

Incorrect: The amount is right, but unpaid taxes are charged to the seller, not credited to the seller.

Incorrect: $2,940 is the buyer's 245 days, charged to the wrong party.

Incorrect: Page 3 carries the seller's closing costs as one total from page 2; the itemized line is in Section E.

Incorrect: Page 1 shows only the buyer's totals, with no itemized seller taxes.

Incorrect: Section H holds items such as commissions and HOA fees; government taxes have their own section.

Correct: Transfer taxes such as deed stamps are itemized in Section E on page 2, in the seller-paid column.

Correct: Section 689.01 requires a Florida deed to be signed by the grantor in the presence of two subscribing witnesses.

Incorrect: The grantor signs the deed; the grantee accepts it by delivery, without signing.

Incorrect: Recording protects the buyer against later claims, but it is not part of executing the deed and has no 30-day deadline.

Incorrect: Florida does not require a seal on a deed.

Incorrect: This reverses the custom: the note and mortgage taxes follow the borrower, who is the buyer.

Incorrect: The intangible tax is on the buyer's new mortgage, so the buyer pays it with the note stamps.

Incorrect: The deed tax customarily falls on the seller, not the buyer.

Correct: Florida custom, followed by the standard contract forms, puts deed stamps on the seller and the new-loan taxes on the borrowing buyer.

Incorrect: $203.42 counts 11 days and leaves out the day of closing.

Correct: October 20 through 31 inclusive is 12 days: $150,000 × 4.5% ÷ 365 = $18.493 a day × 12 = $221.92.

Incorrect: $225.00 uses a 360-day year, but the lender here uses 365 days.

Incorrect: $562.50 is a full month of interest, not the 12 days from closing to month end.

Incorrect: A seller debit would be right only if the seller had received the deposit.

Incorrect: Page 2 lists closing costs, and a payment already made is a credit, not a debit.

Incorrect: The seller gets the full price through the buyer's side; the deposit is not a separate seller credit.

Correct: The deposit is money the buyer already paid toward the price, so it is a buyer credit; the seller's side is untouched because the seller never held it.

Incorrect: $293.48 is 30 days, which leaves the day of closing with the seller.

Correct: The quarter has 92 days and the buyer owns August 31–September 30, 31 days: $900 ÷ 92 × 31 = $303.26 back to the seller who prepaid.

Incorrect: The seller paid ahead, so the seller is credited, not debited.

Incorrect: $300.00 treats the quarter as 90 days and uses 30, not the actual days.

Correct: Under 83.49(7) the deposits held for the tenants pass to the new owner, so the seller is charged the full amount and the buyer credited; they are not prorated.

Incorrect: Security deposits are not earned over time; they belong to the tenants and move in full to the new owner.

Incorrect: This reverses the direction: the seller hands over money held for the tenants, so the seller is debited.

Incorrect: Florida law has the deposits transferred to the new owner, who must hold them for the tenants.

Correct: Taxes $4,320 ÷ 12 × 3 = $1,080 plus insurance $1,800 ÷ 12 × 2 = $300 gives $1,380, shown in Section G of the Closing Disclosure.

Incorrect: $1,530 collects 3 months of insurance as well, but the analysis calls for only 2.

Incorrect: $1,170 swaps the months: 2 months of taxes and 3 of insurance.

Incorrect: $1,020 collects only 2 months of taxes, one month short of the analysis.