Ask a REALTOR®: 30 Common Real Estate Questions Answered in 30 Days: Question 9: How much does a seller pay in closing costs?

Understanding Seller Closing Costs in Real Estate Transactions—Real Estate Q&A

Meta Description: Explore the intricacies of seller closing costs in real estate transactions in our Day 9 Real Estate Q&A. Learn about typical expenses like title search, insurance, escrow, transfer taxes, and prorated property taxes. Gain insights into covering buyer’s closing costs and preparing for financial responsibilities as a seller for a smooth transaction.

Welcome back to Day 9 of our real estate question series! Today’s topic sheds light on an important aspect for sellers:

Question 9: How much does a seller pay in closing costs?

Typically, sellers incur approximately 8-10% of the total sale price in closing costs, which includes the commission for real estate consultants.

The breakdown of closing costs for sellers includes various fees:

• Title search costs range from $150 to $400.
• Title insurance costs between $1,000 and $4,000.
• Escrow fees amount to half a percent of the final sale price.
• Transfer taxes in Oklahoma are around 0.15% of the final sale price.
• Prorated property taxes vary based on local tax rates.

If you opt to cover part of the buyer’s closing costs, you may pay an additional 2-5% of the sale price. While this is uncommon in a seller’s market, it may be necessary in a buyer’s market with more property options for buyers.

Understanding these closing costs is crucial for sellers to anticipate their financial responsibilities and ensure a smooth transaction.

Tomorrow, we’ll discuss how much of the sale price sellers typically keep after closing costs. For any further questions or assistance with buying or selling your home, feel free to contact me at 405.401.0099 or visit https://daveparker.sites.c21.homes.

Wishing you a productive day until our next discussion!

For full text, visit video on our YouTube Playlist: https://www.youtube.com/playlist?list=PLOrIAsa07BvxMX7230jW_xOrrLzrBxPt0

Dave Parker, REALTOR®, License #204189, Phone (405) 401-0099.

Century 21 Judge Fite, 1220 S. Santa Fe, Edmond, OK 73003, Broker #154475. Contact (405) 359-7400. Email: Dave@mrdaverealty.com.

Website: https://daveparker.sites.c21.homes

Questions courtesy of Clever.com

KEYWORDS:

• Seller closing costs
• Closing cost breakdown
• Real estate transaction fees
• Title search and insurance
• Escrow fees explained
• Transfer tax in real estate
• Prorated property taxes
• Buyer’s closing costs coverage
• Seller’s market vs. buyer’s market costs
• Financial responsibilities in home selling

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