How Much Are Closing Costs When Buying or Selling in Sammamish?

Sellers typically pay 7% to 9% of the sale price in total closing costs — the majority of which is real estate commissions and Washington state's excise tax. Buyers typically pay 2% to 3% of the loan amount in closing costs — on top of their down payment. Both numbers are predictable. The surprise usually happens when sellers model their net proceeds without accounting for them, or when buyers discover the total cash needed at close is meaningfully more than their down payment alone.

Q: What Do Sellers Actually Pay in Closing Costs in Washington State?

A: Real estate commissions (largest component), Washington state excise tax, escrow and title fees, property tax proration, and HOA transfer fees if applicable.

Real estate commissions are the largest component — typically 5% to 6% of the sale price.

Excise tax is Washington state's real estate transfer tax. Washington uses a graduated excise tax rate that increases with sale price. For most Sammamish and Issaquah homes in the $900,000 to $1.8 million range, the effective excise tax typically runs 1.1% to 1.3% of the sale price.

Escrow and title fees are split between buyer and seller. The seller's share typically runs $1,200 to $2,500.

Property tax proration — the seller pays property taxes up to the day of close.

HOA transfer fees (if applicable) typically run $200 to $500.

On a $1.2 million Sammamish home, total seller closing costs — including commissions — often total $84,000 to $108,000. That's the number to plan around when modeling your net proceeds.

Q: What Do Buyers Actually Pay in Closing Costs in Washington State?

A: Lender fees, prepaid interest, escrow and title fees, homeowner's insurance, property tax reserves, and inspection costs — typically 2% to 3% of the loan amount.

On a $950,000 purchase with 20% down ($190,000) and a $760,000 loan, that's roughly $15,200 to $22,800 in closing costs — on top of the down payment.

The main components:

• Lender fees (origination, underwriting): vary by lender — compare loan estimates carefully

• Prepaid interest: from closing date to end of month

• Escrow and title fees: buyer's share, roughly $1,500 to $2,500

• Homeowner's insurance: first year's premium paid at close

• Property tax reserves: 2 to 6 months of property taxes in escrow at close

• Home inspection: $400 to $600

Q: What Number Do Most Buyers Underestimate?

A: Total cash needed at close — which is the down payment plus closing costs plus reserves, not just the down payment.

On a $1 million purchase with 20% down: $200,000 down payment + approximately $17,000 in closing costs + whatever cash reserves the lender requires = $217,000 or more in liquid funds, not $200,000. The gap surprises people who planned for the down payment and treated closing costs as a detail.

Q: Can You Negotiate Who Pays Closing Costs?

A: Some costs are fixed. Others can be negotiated — but in a competitive Eastside market, seller-paid buyer closing costs are rarely accepted.

In competitive markets, sellers rarely contribute to buyer closing costs because they have other options. In slower conditions or with a motivated seller, a closing cost credit — where the seller reduces their net proceeds to offset buyer costs — can be structured into an offer. Your agent should advise you on whether this is realistic given current conditions in your specific price range.

Frequently Asked Questions: Closing Costs in Sammamish and Issaquah

Who pays closing costs in Washington state — buyer or seller?Both pay closing costs, but for different things. Sellers primarily pay real estate commissions and Washington's excise tax. Buyers pay lender fees, title and escrow fees, prepaid insurance and taxes, and inspection costs. Total seller closing costs typically run 7% to 9% of sale price; buyer closing costs typically run 2% to 3% of loan amount.

What is Washington state's excise tax on real estate? Washington state uses a graduated real estate excise tax (REET) that increases with sale price. For most Sammamish and Issaquah homes in the $900,000 to $2 million range, the effective rate runs approximately 1.1% to 1.3% of the sale price, paid by the seller. Confirm current rates with your agent or escrow company before closing.

How much cash do I need to close on a home in Sammamish? Budget for your down payment plus 2% to 3% of the loan amount in closing costs plus any cash reserves your lender requires. On a $1 million purchase with 20% down, expect to need $215,000 to $225,000 in total liquid funds at close — not just the $200,000 down payment. Get a loan estimate from your lender early to see your specific figures.