Are you wondering how much cash you will need on top of your down payment to buy a home in Bellevue? You are not alone. Closing costs can feel confusing, especially if you are relocating or buying for the first time. In this guide, you will learn what buyer closing costs include, what is typical in Washington and King County, and simple ways to budget and negotiate. Let’s dive in.
What closing costs include
Closing costs are the one-time fees and prepaids due at closing, separate from your down payment. They generally fall into two groups.
Transaction fees and third‑party charges
- Lender fees, such as loan origination or processing, underwriting, application fee, credit report, and flood certification.
- Appraisal fee, usually required by your lender.
- Title and escrow charges, including the lender’s title insurance policy, escrow or closing fee, title search or commitment, and county recording fees.
- Inspections and reports, such as a general home inspection, pest or wood‑destroying organism report, sewer or septic or well checks, condo document review, and radon if ordered.
- Third‑party admin fees, which can include notary, courier, HOA estoppel, or a survey if needed.
Prepaids, prorations, and escrow deposits
- Prepaid mortgage interest from your closing date to your first payment.
- Homeowner’s insurance, often the first year collected at closing.
- Property tax prorations, based on the closing date and King County’s tax schedule.
- HOA dues or assessments that are prorated for the month of closing.
- Initial escrow reserves, typically several months of property tax and insurance collected by your lender.
Note that your earnest money deposit is applied to your cash to close at the end. Any negotiated seller credits reduce what you bring to closing.
Washington and King County basics
Real Estate Excise Tax (REET)
In Washington, REET is customarily paid by the seller. Contracts can allocate costs differently, but most buyers do not pay REET in typical King County transactions.
Title insurance and escrow customs
Washington closings are handled by neutral escrow companies, not attorneys in most cases. Lenders require a lender’s title policy that buyers usually pay for. An owner’s title policy protects you, and in many local transactions the seller pays for it, but this can be negotiated in the purchase agreement.
Recording fees and tax proration
King County recording charges are generally modest compared with other costs. Property taxes are prorated at closing, so you should expect to reimburse the seller for the portion that covers their time of ownership. The county’s billing cycle also affects how much your lender collects for tax reserves.
HOA and condo considerations
For condos or homes in HOAs, plan for items like an estoppel or transfer fee, prorated dues, and any known assessments. Turnaround times for association documents can impact timing and costs, so confirm early.
Closing Disclosure timing
If you have a mortgage, federal rules require your lender to provide a Closing Disclosure at least three business days before closing. Use it to review the final, itemized cash to close.
How much to budget
A practical estimate for buyer closing costs in Bellevue is 2% to 3.5% of the purchase price, excluding the down payment. Many local transactions fall toward the lower half of the national 2% to 5% range because sellers often pay the owner’s title policy and REET is a seller tax. Your total still depends on your loan program, property type, and what is negotiated.
Here are typical ranges that drive your final number:
- Lender fees and origination: usually 0.5% to 1.5% of the loan amount, plus flat fees of about $300 to $1,500 combined.
- Appraisal: typically $400 to $900, higher for complex or luxury properties.
- Title and escrow: lender’s title policy varies by loan amount; owner’s policy is a one‑time charge based on purchase price and is often negotiated; escrow or closing fees commonly range from a few hundred dollars to $1,500 or more; county recording charges are usually under a few hundred dollars total.
- Inspections: a general inspection is often $350 to $800, while specialized tests like pest, sewer scope, or radon range from about $75 to $800 each.
- Prepaids and reserves: prepaid interest varies by closing date; your first year of homeowner’s insurance may be collected at closing; lenders generally collect 2 to 6 months of tax and insurance reserves.
- HOA or condo items: estoppel or transfer fees commonly range from $150 to $500, with prorated dues and any assessments added if applicable.
Your loan type matters. FHA, VA, USDA, and conventional programs have different fee structures and different limits on seller concessions. Optional rate buydowns increase upfront costs and reduce your monthly rate.
Bellevue cash‑to‑close examples
These illustrations help you translate percentages into a working budget. They assume buyer closing costs at 2.0% for a lower estimate and 3.5% for a higher estimate, an earnest money deposit of 1.0% applied at closing, and two down payment scenarios. They do not include optional points, seller concessions, or unusual fees.
Example A: $700,000 condo or entry home
- Closing costs: low $14,000; high $24,500
- Earnest money: $7,000
- 20% down: down payment $140,000
- Cash to close, low: $147,000
- Cash to close, high: $157,500
- 5% down: down payment $35,000
- Cash to close, low: $42,000
- Cash to close, high: $52,500
Example B: $1,600,000 single‑family
- Closing costs: low $32,000; high $56,000
- Earnest money: $16,000
- 20% down: down payment $320,000
- Cash to close, low: $336,000
- Cash to close, high: $360,000
- 5% down: down payment $80,000
- Cash to close, low: $96,000
- Cash to close, high: $120,000
Example C: $3,500,000 higher‑end home
- Closing costs: low $70,000; high $122,500
- Earnest money: $35,000
- 20% down: down payment $700,000
- Cash to close, low: $735,000
- Cash to close, high: $787,500
- 5% down: down payment $175,000
- Cash to close, low: $210,000
- Cash to close, high: $262,500
What can change these numbers? Seller-paid items, loan program rules, mortgage insurance, lender-required escrows, and interest rate buydowns can all shift your cash to close.
Smart steps to save
- Get a written Loan Estimate from your lender early, and compare estimates from more than one lender.
- Ask your escrow or title company for a preliminary fee quote and to confirm who typically pays which items in King County.
- Negotiate where allowed. Owner’s title policy, seller credits, and certain repairs are negotiable, with program limits for FHA and VA.
- Budget for prepaids and reserves, which can be sizable on higher-priced Bellevue homes.
- Confirm HOA timelines and estoppel fees early to avoid delays and surprises at closing.
- Plan your earnest money. It reduces your final cash to close, but you need those funds available when your offer is accepted.
- Protect your funds. Call your escrow officer to verify wiring instructions and only use confirmed details to avoid wire fraud.
- Keep funds traceable and from approved sources. Your lender will ask for statements and gift letters if gifts are involved.
Buying in Bellevue should feel intentional, not stressful. If you want a clear, step‑by‑step budget for your situation, reach out to Steve & Johanna Craig for a local closing cost breakdown and a smooth path to the keys.
FAQs
How much are buyer closing costs in Bellevue, King County?
- A practical working estimate is 2% to 3.5% of the purchase price, excluding your down payment, with variations by loan type, property, and negotiations.
Who pays Washington’s Real Estate Excise Tax in King County?
- REET is customarily paid by the seller in Washington, though parties can negotiate a different allocation in the contract.
Do buyers in Washington need an attorney to close?
- Most transactions use a neutral escrow company and title insurer to coordinate closing, recording, and funds; attorneys are not typically required.
What is included in prepaids and escrow reserves for Bellevue buyers?
- Expect prepaid mortgage interest, your first year of homeowner’s insurance, and lender reserves for 2 to 6 months of property taxes and insurance.
When will I know my exact cash to close in King County?
- Your lender must send a Closing Disclosure at least three business days before closing, which lists your final, itemized cash to close.
Can sellers pay some of my closing costs in Washington?
- Yes, seller concessions are negotiable within loan program limits and can be applied to lender-approved buyer closing costs.
How is earnest money handled in Bellevue purchases?
- Earnest money is typically deposited shortly after mutual acceptance and is applied to your cash to close at settlement.
Are HOA or condo transfer fees common in Bellevue?
- Many associations charge an estoppel or transfer fee and prorate dues at closing; confirm amounts and timelines early to avoid delays.
