Who Pays Closing Costs in Spokane? Buyer vs Seller Breakdown
- Nick Briggs
- Jul 2
- 4 min read
Buying or selling a home is an exciting milestone, but it also comes with important financial details—including closing costs. If you’re wondering who pays closing costs in Spokane, this guide offers a comprehensive breakdown of buyer and seller responsibilities. I’m a local Spokane real estate agent, and I’ve written this article to help you navigate these often-overlooked costs with confidence.
What Are Closing Costs?
Closing costs are the fees and expenses associated with finalizing a real estate transaction. These can include:
Loan origination fees
Real estate agent compensation
Title insurance
Escrow fees
Appraisal fees
Recording fees
Property taxes
These costs typically range from 2% to 8% of the home’s purchase price.
Typical Buyer-Paid Closing Costs
In Spokane, buyers usually pay for:
Loan Origination Fees: Charged by lenders for processing the mortgage.
Appraisal Fee: Required to determine the market value of the property.
Credit Report Fee: Used by lenders to assess your creditworthiness.
Title Insurance (Lender's Policy): Protects the lender from future title disputes.
Home Inspection Fees: Optional but strongly recommended.
Prorated Property Tax: Includes tax payments from the time buyer takes possession.
Mortgage Insurance: If down payment is less than 20%.
Agent Commission: If seller is not offering to pay buyer brokerage compensation and buyer broker asks buyer to pay.
Escrow Account Setup: Includes prepaids like taxes and insurance.
Buyers may also be responsible for prorated property taxes and HOA fees if applicable.
Typical Seller-Paid Closing Costs
Sellers in Spokane generally cover:
Real Estate Agent Commission: Seller may choose whether or not to offer compensation.
Owner’s Title Insurance: Protects the buyer from past title issues.
Escrow Fees: Often split but negotiable.
Transfer Taxes (if applicable): Though Spokane doesn’t have local transfer taxes, state fees may apply.
Outstanding Liens or Judgments: Must be cleared before closing.
Negotiating Closing Costs in Spokane
Closing costs are negotiable. Here are some strategies:
Seller Concessions: Buyers can request the seller to pay part of their closing costs from the seller's net proceeds.
Higher Purchase Price: Sellers may agree to cover closing costs in exchange for a slightly higher sale price.
Market Conditions: In a buyer’s market, sellers are more likely to agree to concessions.
Why Closing Costs Matter in Your Budget
It’s crucial to factor in closing costs when planning your budget. Unexpected fees can derail your financial plans if you’re not prepared. Your lender and real estate agent (like myself!) can help you estimate costs accurately.
Spokane Market Trends That Influence Closing Costs
Rising Home Prices: Increased prices mean higher percentage-based fees.
Loan Types: FHA, VA, and USDA loans each come with different fee structures.
Competition: In competitive markets, buyers may need to absorb more costs to win bids.
How I Help Spokane Buyers and Sellers Navigate Closing Costs
As a Spokane real estate agent, I advocate for my clients to ensure the best possible outcome in every transaction. I help negotiate closing costs, explain each fee, and ensure there are no surprises at the closing table.
Final Thoughts: Who Really Pays Closing Costs in Spokane?
The short answer: Both parties. While buyers and sellers each have their standard share of costs, the final distribution often comes down to negotiation and market conditions. Whether you’re buying or selling, understanding who pays closing costs in Spokane is key to a smooth real estate experience.
If you're considering a move in Spokane, contact me—a trusted local Spokane real estate agent—to help you make informed, cost-effective decisions.
Frequently Asked Questions About Closing Costs in Spokane
What is included in closing costs for buyers in Spokane? Closing costs for buyers often include lender fees, title insurance, escrow setup, appraisal, potentially agent commission, and home inspection fees. These typically range from 2% to 5% of the home price.
Can a seller pay the buyer's closing costs in Spokane? Yes, sellers can agree to pay a portion or all of the buyer’s closing costs as a concession, especially in a buyer’s market or as part of a negotiated deal.
How much are average closing costs in Spokane? On average, closing costs in Spokane range from $6,000 to $12,000 depending on the property price, loan type, and whether you're the buyer or seller.
Are closing costs tax deductible in Spokane? Some closing costs, such as mortgage interest and property taxes, may be tax deductible. Consult a tax professional to determine your specific eligibility.
Do cash buyers pay closing costs in Spokane? Yes, cash buyers still pay some closing costs such as title insurance, recording fees, and escrow charges, although they avoid lender-related fees.
About Me
My name is Nick Briggs
Being born and raised in Spokane I grew up knowing what a special place this city is, and it was my dream to help others create a life in this wonderful community by guiding them in real estate. I spent many years in the customer service industry, the experience of listening and communication showed me how much I truly loved helping people. I attended Gonzaga University and earned a Bachelor’s Degree in Business Administration to add to my knowledge of guiding, managing, negotiating, and listening to individuals, helping them achieve their real estate goals.
Comentários