Sunday Coffee and Real Estate
Diane Rae Jones, Broker Coldwell Banker Danforth Northgate - 11300 Pinehurst Way NE, Seattle, WA 98125
Invariably, buyers and sellers want to know about the costs to close their real estate transaction. The chart above lists the closing items that each party is generally expected to pay for. The buyer’s list is a lot longer, owing to fees associated with the mortgage loan.
The fees for escrow and title insurance are sliding fees, based on the sale price of the home. The buyer may request that the seller pay a portion of the buyer’s closing costs as part of the sales negotiation. The mortgage company will have limits on the amount of this contribution, usually in the range of about 3% of sale price. Notice that the seller’s list includes excise sales tax, which is borne solely by the seller. That rate for King County, Washington is 1.78% of the sale price.