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When buying or selling a home in Missouri, one of the most critical but often overlooked parts of the real estate process is understanding who is responsible for paying closing costs. Closing costs refer to the various fees and charges that come into play when the ownership of the property officially transfers. These costs typically include fees for inspections, appraisals, title insurance, taxes, and other expenses that ensure the transaction is completed legally and securely.
Both the buyer and the seller are required to pay specific closing costs in Missouri, and the distribution of these costs depends on several factors, including the nature of the deal, negotiations, and local customs. It’s essential for both parties to be aware of what they’ll be responsible for to avoid unexpected surprises when it’s time to finalize the deal.
How Much Are Closing Costs in Missouri in 2025?who pays closing costs in missouri
In 2025, closing costs in Missouri typically range from 2% to 5% of the home’s purchase price. This estimate can vary depending on the value of the property and the specifics of the transaction. For example, if you’re buying a home valued at $250,000, the closing costs could be anywhere from $5,000 to $12,500. The total closing costs will depend on several factors, such as the price of the home, the type of loan the buyer uses, and the terms of the sale.
In Missouri, both buyers and sellers will have to pay closing costs, but the specific costs they are responsible for may differ. The costs can also be negotiated as part of the deal. Typically, the buyer's closing costs are higher than the seller’s, but in some cases, the seller may agree to cover some of the buyer's costs as a concession.
Closing Costs In Missouri: Who Pays for What?
While both buyers and sellers are responsible for certain closing costs in Missouri, the distribution of these costs can differ significantly. Here's a breakdown of who typically pays what:
# Buyer’s Closing Costs
As a buyer in Missouri, you’ll likely pay the majority of the closing costs. These may include:
1. Loan Origination Fees: These are fees charged by the lender for processing the new loan. They typically range from 0.5% to 1.5% of the loan amount.
2. Appraisal Fees: Lenders require an appraisal to assess the value of the property. The cost of the appraisal typically falls on the buyer and can range from $300 to $500 or more, depending on the property type and location.
3. Home Inspection Fees: Although not required by the lender, buyers often pay for a home inspection to ensure there are no major issues with the property. The inspection fee generally ranges from $300 to $500.
4. Title Insurance Premiums: Buyers usually pay for the lender's title insurance policy, which protects the lender against any title issues that may arise after closing. The cost of this insurance depends on the price of the property but typically ranges from $500 to $1,000.
5. Closing Agent Fees: Buyers are often responsible for paying the title company or closing agent who handles the paperwork for the transaction.
6. Escrow Fees: Buyers may have to deposit funds into escrow accounts to cover future property taxes and homeowners insurance. The cost of setting up these accounts is often included in closing costs.
7. Recording Fees: Buyers will pay to record the deed with the county, which is required to officially transfer ownership of the property.
8. Property Taxes: In some cases, buyers may have to pay a portion of the property taxes that have accrued up until the closing date. This depends on the time of year the sale occurs and the terms of the contract.
# Seller’s Closing Costs
Sellers in Missouri also have to pay closing costs, though these are typically lower than the buyer’s. Common seller closing costs include:
1. Agent Commission Fees: One of the most significant costs for a seller is the real estate commission, which typically ranges from 5% to 6% of the home’s sale price. This fee is often split between the buyer's agent and the seller's agent.
2. Title Insurance for the Buyer: In Missouri, sellers often pay for the title insurance policy that protects the buyer. This is customary in Missouri, though it can be negotiated in the contract.
3. Repairs or Concessions: Depending on the results of the home inspection, sellers may need to make repairs or offer a credit to the buyer for repairs. These concessions are negotiable and can be significant costs for sellers to consider.
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who pays closing costs in missouri - Missouri closing costs
