{"id":95892,"date":"2024-07-11T12:47:29","date_gmt":"2024-07-11T19:47:29","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=95892"},"modified":"2024-07-15T11:00:10","modified_gmt":"2024-07-15T18:00:10","slug":"how-much-are-closing-costs-in-north-carolina","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/how-much-are-closing-costs-in-north-carolina\/","title":{"rendered":"How Much Are Closing Costs in North Carolina 2024?"},"content":{"rendered":"

Congratulations! You’re just a few steps away from closing on your new home in North Carolina. But before you can officially close, there’s one last step: pay closing costs.<\/p>\n

Closing costs are the taxes and fees associated with the purchase and sale of a home, such as title insurance and lender fees. To help prepare you for the final steps of the homebuying process, this Redfin article will break down how much closing costs are in North Carolina, who pays for them, and what costs you can expect to pay as a buyer and as a seller.<\/p>\n

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How much are closing costs on average in North Carolina?<\/h2>\n

Before securing the keys to your new home, homebuyers will need to pay for closing costs. Generally, closing costs in North Carolina can range anywhere from 2%-5% of the home’s purchase price.<\/strong> But it’s important to remember that this is just a range and the total amount will depend on numerous factors, such as the buyer’s loan program or negotiations made with the seller.<\/p>\n

Let’s say you’re buying a home in Charlotte<\/a>, where the median home sale price is $428,000. Based on this, you could expect closing costs to be between $8,560 and $21,400. Whereas if you’re buying a home in Durham<\/a>, which has a median sale price of $435,000, closing costs could be anywhere from $8,700 to $21,750.<\/p>\n

Who pays closing costs in North Carolina?<\/h2>\n

Generally, both buyers and sellers can expect to pay closing costs, but each party’s closing costs amount will vary depending on what they are required to pay. Keep in mind that it’s common for the buyer to pay closing costs out of pocket, while the seller’s closing costs are typically deducted from the home sale proceeds.<\/p>\n

Buyer closing costs in North Carolina<\/h2>\n

Closing costs in North Carolina for homebuyers typically range from 2%-5%. In most cases, you’ll pay earnest money, typically 1% to 3% of the home price, upon reaching mutual acceptance in your home purchase. This deposit is subtracted from your closing costs, reducing the total amount due at closing. Here are a few common closing costs that buyers typically cover:<\/p>\n