Dimare Collection

Closing Costs for Property Buyers in Bay Harbor Islands: What to Include in a Budget

The agreed price is not what leaves your account on closing day in Bay Harbor Islands. Between the accepted offer and the signature there are line items that each have their own name, their own payer and, almost always, a document that lists them.

A buyer who did not ask for the closing breakdown in advance arrives at signing with less money than they need, and an international wire is not improvised in a day. There are line items for the title search, title insurance, recording taxes, prorated property tax and association dues, the property insurance the lender requires, and the inspection. Who pays each one is negotiable in the offer and local custom for the rest, but none of it is discovered on closing day: it is requested in writing before signing.

Bay Harbor Islands forces a check that exists nowhere else: the address decides which rulebook applies, because the town administers two islands with separate zoning, and what is permitted on one is not authorized on the other. Buyers abroad sometimes sign off a floor plan without knowing which side they are on, then learn that the use, the height or the rental they assumed belongs to the other shore. The second distinguishing feature is the counterparty: canal-front houses and buildings with very few units dominate here, so across the table there is rarely a professional manager with an orderly archive, but an individual owner, a family estate, or a tiny association governed among neighbors whose minutes may be a notebook. That stretches out document delivery. Ask the town exactly what that island and that parcel allow; ask your closing attorney who issues the estoppel when the association has no manager; and, if there is a dock, ask what marine construction approval the town requires and what the county and state authorities require on top of it.

What is specific to Bay Harbor Islands

Two small bay islands, one residential and one commercial, joined by Kane Concourse. Low-rise buildings with few units, many of them recent, and single-family homes on canals. You pass through here to go from Bal Harbour to the mainland; no rail.

  • which of the two islands the property is on, because permitted use differs
  • whether the building has few units, which concentrates the cost of any special assessment
  • canal access and depth if the house has a dock

What to verify, step by step

  1. Ask the closing company or attorney for an itemised estimate before you accept the offer, and for an updated one before you sign.
  2. Ask line by line who pays, under the offer and under county custom, and put the split in writing in the contract.
  3. Request the title search and the proposed title insurance policy, and ask which exceptions it excludes.
  4. Confirm how property tax and association dues are prorated to the closing date, because that figure is computed by the closing agent.
  5. If you are buying from abroad, confirm in advance whether you must sign in person or whether a notarised and apostilled power of attorney is accepted, and how long one takes to issue in your country.
  6. Ask the receiving bank for the exact international wire requirements and the clearing time ahead of the closing date.

Mistakes that cost money

  • Budgeting only the price and the down payment, and finding the rest of the line items on the final statement.
  • Leaving the international wire to the last days: the funds may not have cleared by signing time.
  • Not asking whether you must be in Miami to sign, and finding out when there is no longer time to issue a power of attorney.

Frequently asked questions

Who pays closing costs, the buyer or the seller?
They are split, and the split is part of what is negotiated in the offer alongside county custom. Ask for the itemised breakdown showing who pays each item.
Do you have to travel to Miami to sign?
It depends on the transaction and the lender. Ask the closing company early, because if a power of attorney is accepted it has to be issued and apostilled in time.
Is title insurance mandatory?
Lenders normally require it and many cash buyers take it anyway. What it covers and excludes is in the proposed policy, and it is worth reading before closing.

Where to check it

Official bodies. Specific figures are requested there, not copied from a listing.

Updated 2026-11-06

This article in other languages EspañolPortuguês

Interested in a property in this area?

Write to us and we will send you the available options.

Dimare Collection does not sell or broker property in Miami. This is an informational page: transactions are carried out by brokers licensed in the state of Florida. This text is not legal, tax, immigration or mortgage advice; it describes what to ask and whom to ask. The rules and bodies cited can change: always confirm with the official source. Operated by Nisimblat Consulting SAS.