Closing Costs: Definition
What is closing costs? Fees and expenses paid at the closing of a real estate transaction beyond the purchase price. In Ohio, closing costs for buyers typically range from 2–4% of the purchase price and include title insurance, lender fees, recording fees, and prorated taxes.
Closing Costs
Fees and expenses paid at the closing of a real estate transaction beyond the purchase price. In Ohio, closing costs for buyers typically range from 2–4% of the purchase price and include title insurance, lender fees, recording fees, and prorated taxes.
Key Points
- •Buyer costs: 2–4% of purchase price (title, lender, escrow fees)
- •Seller costs: 7–10% of sale price (commission, title, transfer tax)
- •Ohio conveyance fee (transfer tax) is $1 per $1,000 of sale price statewide, plus county permissive rates
- •Closing costs can be negotiated between buyer and seller
Related Terms
This content is for informational and educational purposes only. It does not constitute legal or real estate advice specific to your transaction or situation. Ohio real estate transactions involve legal and contractual obligations. Consult a licensed Ohio real estate professional and a qualified Ohio attorney before making any real estate decision. Sommer Ronk is licensed in Ohio with Coldwell Banker Realty, Ohio License #2019002887.