{"id":96364,"date":"2024-08-25T15:40:56","date_gmt":"2024-08-25T22:40:56","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/how-much-are-closing-costs-in-delaware\/"},"modified":"2024-08-28T16:10:43","modified_gmt":"2024-08-28T23:10:43","slug":"how-much-are-closing-costs-in-delaware","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/how-much-are-closing-costs-in-delaware\/","title":{"rendered":"How Much are Closing Costs in Delaware?"},"content":{"rendered":"

As you near the final steps of buying a home in Delaware, it’s important to plan for closing costs. These expenses cover everything from title services to recording fees, and they can vary based on the property’s location and price. Being prepared for these costs ensures you won\u2019t be caught off guard as you wrap up your home purchase.\u00a0Let’s break down how much closing costs are in Delaware, 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 in Delaware?<\/h2>\n

In addition to the down payment, homebuyers will also need to pay closing costs before securing the keys to their new home. Generally speaking, closing costs in Delaware 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 various factors, such as the purchase price of the home, the type of loan, and any adjustments negotiated with the seller.<\/p>\n

Let’s say you’re buying a home in Wilmington<\/a>, where the median home sale price is $260,000. Based on this, you could expect closing costs to be between $5,200 and $13,000. Whereas if you’re buying a home in Dover<\/a>, which has a median sale price of $287,995, closing costs could be anywhere from $5,760 to $14,400.<\/p>\n

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

Usually both the buyer and the seller pay closing costs. But, each party’s closing costs amount will vary depending on what they are required to pay. Another thing to keep in mind is that buyers typically pay for closing costs out of pocket, while the seller’s closing cost payments are often deducted from the home sale proceeds.<\/p>\n

Buyer closing costs in Delaware<\/h2>\n

For homebuyers in Delaware, you can expect closing costs to range 2%-5% of the purchase price. If you paid earnest money, this amount will be subtracted from your closing costs, which will reduce the total amount you owe at closing. Earnest money is typically between 1%-3% of the home’s price. Here are a few common closing costs that buyers typically cover:<\/p>\n