How much are closing costs in DC?

Seller closing costs in DC average approximately 2.2% of the home sales price, which is $6,050 on a $275,000 home (median sales price). Sellers must also subtract realtor commissions from their sales proceeds, which is an average of 5.25%. Sellers can save money on closing costs by negotiating with the buyer or signing with a low-commission listing agent.

Who pays for title insurance in DC?

DC buyers pay for title insurance, which is required by lenders. An owner’s policy isn’t required, but either the seller or the buyer may opt to purchase one if they choose.

Who pays transfer taxes in DC?

The seller traditionally pays the deed transfer tax in DC, and the buyer pays the deed recordation tax. You can negotiate these taxes, since no law mandates that practice.

What is the recordation tax in DC?

The recordation tax in DC is the amount the district charges to record the home sale with the Land Records office. The buyer usually pays for it. The current recordation tax rate in DC is 1.1% for sales up to $400,000 and 1.45% for purchases above that amount.

Elizabeth Boyd

Elizabeth Boyd is a freelance writer who enjoys helping people understand complex subjects through her online content. She has a diverse employment history, working as a paralegal, real estate associate, English tutor, and material control government contractor in the past. She has also lived abroad and traveled extensively due to her military family background.

She segued from paralegal work to writing in 2008 when she assumed the role of Associate Editor for Wickstom Publishing in Denver, CO. Since then, Elizabeth has developed an expansive writing portfolio crafting content for many industries on numerous topics.

Elizabeth studied journalism at the University of Maryland, Munich Campus, Germany, and earned her AA in paralegal studies from Pikes Peak Community College in Colorado Springs.

Elizabeth enjoys reading, cooking, singing, traveling, watching TV, and spending time with family in her free time.

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