Rather than guess, I ran some numbers through Title Companies fees estimator to give you a clearer idea.
I'm having to guess the purchase price and many of these fees will adjust up or down with different amounts, but based on a purchase of $500,000 the seller would pay for a Title Insurance Policy approx. $1192 plus tax, Escrow at $800 plus tax and they would pay an excise tax of 1.78% which would be $8905 based on $500k, and any remaining property taxes due on the property for the period they owned it.
The buyer would pay $800 toward Escrow and a recording fee of appx $135.
There may be wire transfer or other smaller fees as well. These are estimated and not guaranteed, but intended to provide you a rough idea what you may expect.
It's wise to get a home inspection which will be about $400.
And although you don't have a lender madating this, it's not a bad idea to get an appraisal as well. Just to be on the safe side. Will run about $500 + depending on home price.
And if you're not closing right away, you'll likely have to put down some sort of earnest money that will be applied at closing.
Thanks for asking a question about escrow. Few people understand escrow. Escrow officers are licensed and regulated by the state for the purpose of closing real estate transactions. Escrow receives and holds funds from the buyer, and transfers title from seller to buyer, which is commonly referred to as the 'closing'. In Washington, escrow fees are split between buyer and seller. Escrow fees vary, depending upon the terms and conditions of your purchase agreement, but it's unusual for the buyer's portion of escrow to be above 3% of the purchase price. As a buyer, it is your choice which escrow company will close the sale. In some cases, the seller or the lender may stipulate which escrow is used, however, escrow is always neutral no matter which closing agent is selected. In rare cases, you can have two escrow companies involved in the closing of a sale, an escrow for the buyer and different escrow for the seller. That is known as a 'split escrow'. For specific questions, you might contact Patty O'Young at 206.722.4900. Patty is the owner of Columbia Escrow, in Seattle. I hope this information was helpful to you.
You may wish to have an inspection, I highly recomend it.
After that, you will have one half of the escrow fee, the seller will pay the title policy. The coice of the Escrow Company is negotiable. If it is a condo there may be an HOA transfer fee. You may pay a small recording fee as well.
I would be happy to email you a sample closing statement for your reveiw if you would like.
Hope this helps.
RE/MAX Metro Realty