Biggest Closing Costs Paid by Sellers in Washington:
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Real Estate Excise Tax (REET) – Buyer’s Responsibility (Unless Negotiated): While not directly paid by the seller, the REET significantly impacts their net proceeds. This tax, calculated based on the sale price, can range from 1.1% to 3.8%.
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Title Insurance for the Buyer: While buyers typically cover this cost (around $300-$400), it’s factored into the seller’s net proceeds indirectly.
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Recording Fees: Usually paid by the seller, these fees range from $20-$35 and cover document recording with the county recorder’s office.
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Attorney Fees (Optional): While not mandatory, legal fees for sellers can range from $500-$1,500 for contract review, negotiation support, and closing guidance.
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Marketing Expenses (If FSBO): When selling by owner, marketing costs like listing fees and advertising can range from $100-$500.