Quick answer: In Spokane, buyers mainly pay loan fees, escrow fees, recording fees, prepaid taxes and insurance, and the lender's title policy. Sellers mainly pay agent commissions, the owner's title policy, their share of escrow, and Washington's real estate excise tax, a graduated state tax plus a local rate that's usually the seller's biggest cost after commissions. Your lender and escrow company will give you exact numbers.
| Cost | What it is |
|---|---|
| Loan fees | Origination, underwriting, credit report and any points you buy down |
| Appraisal | Required by most lenders to confirm value |
| Escrow fee | Usually split between buyer and seller |
| Lender's title insurance | Protects the lender against title problems |
| Recording fees | Filing the deed and loan with the county |
| Prepaids | Upfront homeowners insurance, property taxes and interest |
| Inspections | Paid before closing, often out of pocket |
Your lender will give you a Loan Estimate early on and a Closing Disclosure before you sign. Compare the two and ask about anything that changed.
| Cost | What it is |
|---|---|
| Agent commissions | Negotiated in your listing agreement |
| Washington real estate excise tax (REET) | A graduated state tax on the sale price, plus a local rate |
| Owner's title insurance | Customarily paid by the seller in Washington |
| Escrow fee | Usually split with the buyer |
| Payoffs and prorations | Your remaining mortgage, plus prorated property taxes |
| Repairs or credits | Anything you agree to after the inspection |
Washington's excise tax is calculated in tiers, so higher-priced homes pay a higher rate on the portion above each threshold. I run a seller net sheet for every client so you can see your estimated take-home before you list.
My seller net sheet includes Washington's graduated excise tax, the local rate, title and escrow fees, and property tax prorations, so you know your estimated take-home before you list.
It's hard to picture your closing costs until you see them laid out. A net sheet is an estimate that depends on your closing date, property tax prorations, your mortgage payoff, the sale price and agent compensation. It's also important to keep your bigger goal in mind. If you're buying another home, especially when interest rates are rising, the dollar you save on one side can cost you five on the other. Looking at all the factors together helps you make a good decision.
The seller usually pays it. Your escrow company will confirm the exact amount for your sale.
By local custom, the seller usually pays for the owner's policy and the buyer pays for the lender's policy.
Buyers get a Closing Disclosure from their lender before closing. Sellers get a final settlement statement from escrow.
Yes, if it's negotiated in the purchase agreement and your loan type allows it.
Whether you're buying or selling, I can walk you through an estimate before you make any decisions.
Call or text Chelsea: 509.565.1581
Email: chelsea@mcfarlandprey.com
Office: 1402 S Grand Blvd, Suite 201, Spokane, WA 99203
Disclaimer: This page is general information, not legal, tax or financial advice. Laws, rules and programs change, so please confirm the details for your situation with the right professional, such as a real estate attorney, tax advisor, lender or the county. Chelsea McFarland is a licensed real estate broker with Prime Real Estate Group.
Sign in with your email address
You’re being redirected to the page with listing data.