Buying or selling on Bainbridge and wondering what closing will actually cost you? You’re not alone. Closing costs can feel opaque, especially with different fees, taxes, and prorations hitting at once. In this guide, you’ll learn what typical buyers and sellers in 98110 can expect, what’s negotiable, and where to get precise numbers before you sign. Let’s dive in.
Closing costs, defined
Closing costs are one-time fees and prorated amounts you pay in addition to the purchase price when ownership transfers. They include third-party fees like title and escrow, lender charges, and recording. You’ll also see prepaid items such as property taxes, homeowners insurance, and sometimes HOA dues.
On Bainbridge Island, you’ll work with Kitsap County for recording and tax proration. A local title and escrow company typically prepares the settlement statements and calculates prorations. If you’re financing, your lender provides a Loan Estimate early and a Closing Disclosure before you sign, so you can verify your numbers.
Who pays what in WA
In many Washington transactions, the seller pays Real Estate Excise Tax (REET) and broker commission, and covers loan payoffs and their share of taxes through closing. Buyers usually pay lender-related costs, lender’s title policy, recording of the mortgage, and prepaids like insurance and interest.
Who pays the owner’s title policy and how escrow fees are split are often negotiable. Local practice can vary by deal, so you’ll confirm who pays what in your purchase agreement and with your title company.
Buyer costs on Bainbridge
Main categories
- Loan costs: origination or underwriting fees, optional points, credit report, appraisal, and any lender-required inspections.
- Title and escrow: lender’s title insurance, escrow/closing fee, and recording of the mortgage; owner’s title policy is optional and negotiable who pays.
- Prepaids and prorations: prepaid property taxes, homeowners insurance, prepaid interest from funding date to first payment, and any HOA dues or reserves for condos.
- Third-party reports: general home inspection, pest or other inspections as applicable; septic or well inspections for properties that have them.
- Miscellaneous: HOA transfer or estoppel fees for condos, recording fees, and small courier or admin charges.
Typical ranges
Actual quotes vary by provider and loan program, but these are common ballparks on Bainbridge:
- Escrow fee: $300–$1,200; recording: $50–$300; HOA transfer/estoppel: $100–$500.
- Lender third-party costs: appraisal $400–$900; credit report $25–$75; flood certification $10–$30.
- Title insurance premiums are based on purchase price. Lender’s policy is required when you finance; the owner’s policy is optional and negotiable on who pays.
- Prepaids and prorations depend on timing. Expect several hundred to several thousand dollars for taxes and insurance, depending on when you close and your price point.
Winslow condo example
Illustrative estimate for a $450,000 condo purchase in Winslow:
- Appraisal, inspection, credit: $1,000–$1,800
- Lender fees and prepaid interest: $1,500–$4,000
- Escrow, title, lender’s title, recording: $1,000–$3,000
- HOA estoppel/transfer: $150–$400
- Estimated buyer cash to close, excluding down payment: roughly $4,000–$9,000
Single-family example
Illustrative estimate for a $1,200,000 financed purchase:
- Appraisal and inspections: $1,000–$2,500
- Lender fees and prepaids: $3,000–$8,000
- Title, escrow, recording: $1,500–$4,000
- Estimated buyer cash to close, excluding down payment: roughly $6,000–$15,000
Major drivers are whether you use a loan, your loan program and rate strategy, timing relative to tax due dates, and whether you or the seller pays for the owner’s title policy.
Buyer checklist
- Request a Loan Estimate within three business days of application and review your Closing Disclosure three business days before signing.
- Ask your title and escrow team for a preliminary settlement statement and the preliminary title report.
- For a Winslow condo, confirm HOA estoppel/transfer fees and dues timing early.
- Set aside a buffer for prepaids, especially if you close near a tax due date or need reserves.
Seller costs on Bainbridge
Main categories
- Real Estate Excise Tax (REET): a state tax typically paid by the seller in Washington.
- Brokerage commissions: commonly the largest line item. Percentages are negotiated and can vary by property and market conditions.
- Title and escrow: owner’s title policy is often a seller cost but negotiable; escrow fee, document preparation, and reconveyance or release fees for any existing mortgages.
- Payoffs and prorations: your mortgage payoff, prorated property taxes and HOA dues through the day of closing, utilities, and any assessments or liens.
- Recording and transfer: county recording fees for releases and final documents.
About Washington REET
REET is calculated on the sale price and remitted at closing. Rates and brackets can change, and some local jurisdictions may have surcharges. Do not rely on a single static percentage. Confirm the current structure with your title or escrow officer or the Washington State Department of Revenue before you list or accept an offer.
Winslow condo, seller
Illustrative estimate for a $450,000 sale:
- Brokerage commission example at 5%: $22,500
- REET: separate seller line item; confirm current rate before closing
- Title, escrow, payoff, prorations: $2,000–$6,000
- Net to seller equals sale price minus commissions, REET, payoffs, prorations, and closing fees
Single-family, seller
Illustrative estimate for a $1,200,000 sale:
- Brokerage commission example at 5%: $60,000
- REET: confirm current rate before closing
- Title, escrow, payoff, prorations: $3,000–$10,000
Commission percentages are negotiated between you and your listing broker. Some sellers offer credits to buyers for closing costs, which reduces seller net and is negotiated in the contract.
Seller checklist
- Ask your broker for an estimated net sheet at different target prices.
- Request payoff demands from your lender(s) early so escrow can prepare accurate figures.
- Get a seller closing estimate and title commitment from title and escrow. Include an updated REET estimate.
- If your home is in an HOA, confirm dues, transfer fees, and any special assessments.
What is negotiable
- Owner’s title policy: In some transactions sellers pay it, in others buyers do. On Bainbridge, it is negotiable. Confirm local custom with your agent and title company.
- Escrow fee split: Many deals split escrow or title closing fees 50/50. The split is negotiable.
- Seller concessions: You can agree to pay part of the buyer’s closing costs or offer a credit tied to inspection findings or rate buydowns.
- REET: While typically a seller cost, parties sometimes structure pricing to account for it. Your escrow officer will still calculate and remit it per law.
Timing and prorations
Kitsap County’s tax calendar drives how much each party owes for property tax prorations. If the seller has already paid a period you will own, you will reimburse the seller for that portion. If a tax installment is due shortly after closing, you may need to bring more to close for prepaids.
For condos, HOA dues are also prorated, and some associations collect a transfer or move-in fee. Budget for these in Winslow, where condo sales are common and timing matters for move logistics.
Get exact numbers
For the most accurate figures on your specific property and timing:
- Title and escrow: Ask for a written closing estimate or preliminary settlement statement. They calculate REET, recording, and prorations.
- Your lender: Review the Loan Estimate and Closing Disclosure for all loan-related costs and prepaids.
- Kitsap County Assessor and Treasurer: Confirm assessed values, due dates, and how prorations will be handled for your parcel.
- Washington State Department of Revenue: Verify current REET rates and filing rules before listing or signing.
- Your broker: Discuss commission structure, likely credits or concessions, and how offers in today’s Winslow market allocate fees.
Common mistakes
- Forgetting prepaids: Taxes, insurance, and interest can be sizable depending on your close date.
- Overlooking HOA fees: Condo transfers in Winslow often include estoppel and move fees. Ask early.
- Waiting on payoffs: Delays in payoff demands can push closing. Order them promptly.
- Assuming a fixed REET rate: Rates can change with price tiers. Always confirm current brackets and calculations.
- Skipping comparison: Request quotes for title and escrow, and compare lender programs and fee structures.
Plan your net
Whether you are eyeing a Winslow condo or selling a single-family home, a clear closing cost roadmap reduces stress and improves your outcome. We’ll help you price, plan for prorations and REET, and walk you through every line item before you accept or make an offer.
If you want a custom buyer estimate or a seller net sheet for your Bainbridge property, let’s connect. Make time for coffee — schedule a consultation with McLaughlin & Co.
FAQs
Who pays REET in Washington?
- REET is typically paid by the seller in Washington unless negotiated otherwise. Always confirm current rates with your title or escrow officer or the state revenue department.
How much should buyers budget for closing costs?
- If you are financing, a common rule of thumb is 2–5% of the purchase price for closing costs, excluding your down payment. Exact amounts vary by loan, timing, and who pays the owner’s title policy.
Are owner’s title insurance and escrow fees fixed amounts?
- Title premiums follow provider rate schedules and depend on price. Escrow fees vary by company. Many transactions split escrow costs 50/50, but the split is negotiable.
What HOA fees should Winslow condo buyers expect?
- Expect an HOA estoppel or transfer fee and prorated dues from the day you close. Ask the HOA or management company for current amounts early in your process.
How do I get exact payoff and tax figures in Kitsap County?
- Sellers request payoff demands from their lender; title and escrow use county records and lender demands to calculate payoffs and prorations. Property tax calendars are available through the Kitsap County Treasurer and Assessor.
