What to Expect, Roughly

There are expenses for a buyer and a seller, when they are purchasing or selling real estate. The amounts for these services vary widely within regions and according to the price and type of property. Here in King County Washington this is what you can typically expect:

Fees

If a buyer is working with a lender that lender has to supply the buyer with an estimate within 72 hours of completion of the loan application. Typical fees vary depending on the loan program they include but are not limited to:

Real Estate Fees

  • Listing Office (3.0) - Seller Pays
  • Selling Office (3.0) - Seller Pays

Settlement Costs

  • Escrow/Closing Fee - 50/50 Buyer/Seller Pays
  • Title Policy - Seller Pays
  • Property Tax (prorated)
  • Excise Tax - 1.78% of sales price/loan amount + $5.00 (In January 2020, this tax will be based on a tier system, read more about it by clicking here)
  • Recording Fees - $195.00

Mortgage Costs

  • 1st Mortgage Balance (tbd)
  • 1st Mortgage Prorated Interest (tbd)
  • 1st Mortgage Prepayment Penalty (tbd)
  • 2nd Mortgage Balance (tbd)
  • 2nd Mortgage Prorated Interest (tbd)
  • 2nd Mortgage Prepayment Penalty
  • Additional Payoff (tbd)

Other Costs - Sometimes can be shopped

  • Special Assessment (tbd)
  • Document Preparation Fee - $50.00
  • Recording Fee - $233.00
  • Homeowners Association Fee (prorated)
  • Homeowners Association Start-up Fees (prorated)
  • Home Warranty Policy - $510.00
  • Pest Inspection - $650.00
  • Outside Signing Services - $125.00
  • Wire Service Fee - $20.00

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*Updated June 2019