North Carolina Real Estate Closing Costs Statistics (2023 Survey)
A new RealEstateBees.com survey of over 1,000 active real estate professionals found average closing costs for sellers and buyers in North Carolina.
We reached out to over 1,000 active real estate professionals from North Carolina to collect their insight on the real estate closing costs across the state.
The results are part of the large-scale survey—Nationwide Real Estate Closing Costs Index—conducted by the Real Estate Bees, a leading online real estate platform.
What Is Included in Closing Costs for a Seller in North Carolina?
Costs included in seller’s closing costs most commonly across North Carolina.
What Are Average Closing Costs for a Seller in North Carolina When Selling with a Realtor?
The most common amounts of seller’s closing costs across the state of North Carolina in an agent-assisted sale.
What Are Average Closing Costs for a Seller in North Carolina When Selling 'by Owner'?
The most common amounts of seller’s closing costs across the state of North Carolina in a FSBO sale.
How to Reduce Closing Costs for a Seller in North Carolina?
The seller can reduce closing costs by buying and selling with the same realtor who often offers discounts for this.
They do not have to pay for closing costs. It’s more of an incentive.
You may decrease your agent commission, if that’s your philosophy.
Can a Seller Avoid Paying Closing Costs in North Carolina?
Yes, they don’t have to. It is an option.
This is a rare issue as the selling agent would have stopped the transaction.
What Is Included in Closing Costs for a Buyer in North Carolina?
Costs included in buyer’s closing costs most commonly across the state of North Carolina.
What Are Average Closing Costs for a Buyer in North Carolina When Buying with a Realtor?
The most common amounts of buyer’s closing costs across the state of North Carolina in an agent-assisted sale.
What Are Average Closing Costs for a Buyer in North Carolina When Buying Without a Realtor?
The most common amounts of buyer’s closing costs across the state of North Carolina in a FSBO sale.
What Are Average Closing Costs for a Cash Buyer in North Carolina When Buying with a Realtor?
The most common amounts of closing costs paid by North Carolina cash home buyers in an agent-assisted sale.
What Are Average Closing Costs for a First-Time Buyer in North Carolina When Buying with a Realtor?
The most common amounts of a first-time home buyer’s closing costs across the state of North Carolina in an agent-assisted sale.
How to Reduce Closing Costs for a Buyer in North Carolina?
Some costs are mandatory and cannot be reduced. In other ways, they can get the lender to reduce their fees.
You can have the seller pay some of the closing costs.
How to Negotiate Closing Costs With a Seller in North Carolina?
In North Carolina, negotiating closing costs with a seller can be a common practice in real estate transactions. Here are some steps you can take to negotiate closing costs with a seller:
1. Understand what closing costs are. Closing costs are the fees associated with the purchase of a property, such as fees paid to the North Carolina title company, North Carolina property appraiser, real estate attorney, and loan origination.
In North Carolina, closing costs typically range from 2% to 5% of the purchase price of the property.
2. Determine what closing costs you want the seller to cover. Negotiate with the seller to pay for some of the closing costs. Before you start negotiating, decide which closing costs you want the seller to cover.
3. Research the local real estate market. Knowing the local real estate market can give you an idea of how much room there is for negotiation.
Look at recent sales of similar properties and see if the sellers covered any closing costs.
4. Make a reasonable offer. Once you have determined what closing costs you want the seller to cover, make a reasonable offer. Consider the seller’s motivations and try to find a win-win situation.
5. Work with a real estate agent. Find a good realtor who can help you negotiate with the seller and make sure that the closing costs are included in the purchase contract.
6. Get everything in writing. Once you have come to an agreement with the seller, make sure to get everything in writing.
Include the closing costs in the purchase contract, so there are no surprises at closing.
Remember that negotiating closing costs with a seller can be a complex process, so it’s essential to work with a professional North Carolina real estate agent and consult with a real estate attorney if necessary.
You can raise the seller’s home price to include the closing costs. Make sure the closing cost benefits the seller.
Go over what the agreed upon price is and ask the seller to pay that amount in closing costs.
Can a Buyer Avoid Paying Closing Costs in North Carolina?
No, unless they ask the seller to pay them, or you can apply for a government grant that covers closing costs.
Are There Closing Costs Assistance Programs Available for Buyers in North Carolina?
Yes, there are counties in this area that have assistance programs. There are specific qualifications, however.
Yes, through the House Charlotte program.
Who Pays Closing Costs in a Conventional Sale in North Carolina?
Who Pays Closing Costs in a Cash Sale in North Carolina?
Are Closing Costs Negotiable in North Carolina?
What Are the Available Ways to Pay Closing Costs in North Carolina?
Why Are Closing Costs So High in North Carolina?
In North Carolina, closing costs may be higher due to several reasons.
One possible explanation could be the state’s tax structure, which includes a mortgage tax, transfer tax, and property tax.
These taxes can add up to a significant amount, increasing the overall closing costs.
Additionally, North Carolina home inspectors have specific requirements, which can add to the cost.
For example, the state requires a pest inspection, a well inspection, and a septic inspection, which can increase the total cost of closing.
Another factor that may contribute to high closing costs in North Carolina is the involvement of North Carolina real estate attorneys.
In some states, the real estate agent can handle most of the closing process, but in North Carolina, an attorney is usually required to oversee the transaction, which can add to the overall cost.
Overall, the high closing costs in North Carolina may be due to a combination of taxes, required inspections, and attorney involvement.
It depends on whether you’re the buyer or the seller and if you’re paying extra points to buy down the rate.
Who Pays Closing Costs in a Divorce in North Carolina?
When it comes to the allocation of closing fees in the sale of a residence as a result of a divorce, the outcome can vary, as any good lawyer would tell you.
If your case is being resolved outside of court, there may be room for negotiation regarding who bears these costs.
For instance, in situations where parties separate, it is common for one person to remain in the home and assume sole responsibility for living expenses.
However, it is important to note that these expenses, apart from reducing the principal balance, might not impact the equity value.
In cases where payments are made toward the principal balance, it becomes possible not only to share the closing fees but also to divide the amount used to reduce the owed balance.
There are additional factors to consider.
First and foremost, it is crucial to identify the expenses that have contributed to the increase in the home’s value during the period between separation and closing.
Additionally, the amount paid towards the principal balance (excluding interest) and property taxes while residing in the home after separation should be taken into account.
If both parties are entitled to a share of the equity (net proceeds) upon sale, it is reasonable to request reimbursement for the aforementioned expenses and negotiate the sharing of closing fees.
However, in cases where the home has not been sold due to the divorce, the distribution of net proceeds should be adjusted to rectify any inequities caused by closing fees.
In highly contentious divorce cases, it is advisable to avoid extensive back-and-forth discussions once a settlement agreement has been signed.
Instead, it is recommended to clearly outline in the agreement, including sample calculations, how payments should be adjusted and distributed upon the sale of the property.
Alternatively, the agreement could stipulate that the party remaining in the home is solely responsible for all expenses, commissions, and closing fees, while benefiting entirely from the net proceeds resulting from the sale.
It’s important to note that within the confines of a courtroom, there may be less flexibility in addressing this matter.
The approach to arguing this point before the court will depend on the specific circumstances of your case.
The closing costs in selling real estate for divorce are not different from regularly selling real estate in NC.
The sellers in North Carolina normally pay the transfer taxes, prorated property taxes, real estate commissions, and document prep.
The buyers normally pay the recording fees, lender fees, and sometimes the fees for preparation of certain documents.
The selling divorcing couple almost always are both responsible for the seller’s fees in the closing equally, as those fees are distributed before the equity can be given to the sellers after all fees and closing costs are paid.