Ohio home sellers should expect to pay 0.78-1.44% of the sale price of their home in closing costs. Based on the median home value of $156,343, this averages $1,804.
In this article, we discuss what closing costs sellers pay in Ohio, and how much those costs typically amount to.
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How much are seller closing costs in Ohio?
The closing process occurs at the end of a real estate transaction, when the buyer transfers funds to the seller in exchange for ownership of a property. The assortment of fees and taxes that must be paid for the property to officially change hands are known as closing costs.
Buyer and sellers both pay closing costs, but they won’t always pay for the same things. Who pays for what closing costs is fully negotiable with your buyer, and the overall costs depend on your location and sale price.
These costs typically amount to 0.78-1.44% for home sellers in Ohio. Based on the median home value in Ohio of $156,343, you can expect to pay $1,226-2,257.
The most prominent closing costs to expect as a seller are listed below with an average percentage and estimated dollar amount in relation to Ohio’s median home value.
Title service and closing fees: 0.38-0.51% (~$695)
These fees are for the settlement agent of the escrow or title company used in the sale. They account for the services the agent provides (including any fees accrued during the title search) like transferring funds, facilitating the closing, or recording the details of the transaction.
These costs are typically split, in some way, between buyers and sellers.
Title insurance: up to 0.57% (~$469)
Title insurance policies offer protections for both the buyer and their lender in case there is a problem with the property’s title. Should a dispute over ownership arise with a previous owner, the title insurance company will pay the costs for legal representation in court or even to reimburse the cost of the home.
In Ohio, sellers will often pay for a buyer’s title insurance policy as a courtesy and sign of good faith.
Transfer taxes and recording fees: 0.40-0.43% (~$640)
Upon transfer of ownership, the state, county, and/or city will charge a number of taxes and fees. Buyers and sellers sometimes split these costs, but it’s common practice for the seller to pay them.
» MORE: Ohio Transfer Taxes
Property taxes: Varies
Property taxes are paid in arrears. In other words, they’re only paid at the end of a period of time, not before. So when the new owners get their first property tax bill, it will include time you owned the house. For home sales, a seller will usually credit the buyer a prorated amount to cover the cost of property taxes inherited at the end of the pay period.
Other closing costs
There are other possible closing costs that sellers may be responsible for. However, they may not apply, depending on the exact situation. These include:
- Home Owner’s Association (HOA) fees
- Settlement or attorney fees
- Property appraisal fees
- Mortgage payoff and/or prepayment penalties
Other home selling costs in Ohio
In addition to closing costs, sellers are also responsible for paying realtor commission at closing.
In Ohio, commission rates are typically 5.82% of the home’s sale price. This is often the largest expense home sellers pay at closing.
Who pays closing costs in Ohio?
Both buyers and sellers will have costs to pay at closing. Below is a breakdown of who typically pays for what in Ohio, but keep in mind, the responsibility of these costs are negotiable between you and your buyer.
|Closing cost||Who typically pays||Amount|
|Owner's title insurance||Seller||$812|
|Lender's title insurance||Buyer||$108|
|Closing fee||Both||$358 (each)|
|Recording fees||Varies||Approx. $228-284|
How to calculate your closing costs in Ohio
In any home sale, you should expect to pay 1-3% of the sale price in closing costs, but actual costs differ according to location, home value, or what is negotiated with a buyer. In Ohio, the range is 0.78% to 1.44% of your sale price.
For a typical Ohio home, here's how the closing cost calculation breaks down:
|Home sale price||$156,343|
|Title Insurance (0.00-0.57%)||$0-894|
|Title Service Fees (0.38-0.51%)||$600-790|
|Recording Fees and Transfer Taxes (0.40-0.43%)||$625-668|
|Total closing costs||$1,226-2,257|
» LEARN: How to use a seller net sheet