Home Buyer's Guide- Seattle 2021

CLOSING COSTS In addition to your down payment there will be costs associated with your home purchase due at the time of closing. These costs average about 1.5% of the purchase price and are not financed into the loan. In other words, budget for this added expense. The good news is the largest portion of your closing fees are the pre-payment of property taxes and homeowner’s insurance to pad your reserve account. Here are the general fees the parties in a transaction pay to close the purchase.

BUYER

SELLER

Loan Origination Fee

Paying off Existent Mortgages

Appraisal

Real Estate Commissions

Credit Report

Pay Off Leased Items

Homeowner’s Insurance (1 yr.)

Prorated Taxes

Prorated Property Taxes

Escrow Fees (50%)

Document Preparation Fee

Title Insurance (for buyer)

Title Insurance (for lender)

Excise Tax (1.78% of sale price)

Recording Fees

Escrow Fees (50%)

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Home Buyer’s Guide - Seattle