8 min read Mar 14, 2020

What Are The Seller Closing Costs in Idaho?

seller closing costs in idaho
Important: The blog article below is informational and should not be deemed as legal advice. Houzeo and its bloggers are not attorneys. For any questions and legal advice, consult a licensed attorney.

How Much are Typical Seller Closing Costs in Idaho

According to Zillow, the median home in ID sold for $289,989. Here’s how you can save approximately $8,699 in commissions on an average TN home by selling it For Sale By Owner on Houzeo.com

Congratulations! You’re now at the final process of selling your property. Closing on a home can be one of the most rewarding experiences as a seller, but it can also be frustrating alone if you aren’t prepared for what needs to be done. Idaho can be an expensive state when it comes to closing costs. Various regulations also make it a tedious state.

As a Houzeo For Sale By Owner (FSBO) seller, we expect you to go to your closing prepared. Our comprehensive Idaho Home Seller Guide will help you accomplish exactly that.

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In this section, we’ll discuss the key documents and expenses you need to be aware of when closing on a home in Idaho.

What Are the Different Home Seller Closing Costs in Idaho?

1.Mortgage Payoff: This is any remaining balance, or prepayment penalty, on your property at closing. This is the most likely biggest item on your list of fees. This includes the recording fee, principal balance, interest accrued from the last payment to the day of closing, and any penalty that the lender might charge you.

2. Real Estate Broker Commissions: In Idaho, most full-service agents charge a commission of around 6% of the home sale price (although this is negotiable). In a 6% total commission, the listing broker is paid for 3% and the other 3% is given to the buyer’s agents. However, the fee greatly varies with the level of service or work you require. But if you’re selling FSBO via Houzeo, congratulations… You’ve likely saved thousands by paying $0 in listing agent commission! Go on. Pop a bottle of the finest Champagne or Scotch. You deserve it.

3. Property Taxes:  These are outstanding payments, or prorated property taxes, utility bills, or homeowner’s insurance that are all tied into your property. You may need to pay the buyer a prorated amount of property taxes, or the buyer may need to credit you.  

4. Attorney Fees: This varies entirely of the amount of work and what type of home is being sold. A real estate attorney is responsible for all legal transactions, and also if possible, in lawsuits or litigation.

6. Home Inspection: Performing a home inspection is a wise move to do before purchasing any property. Most lenders require it to ensure the are no hidden property defects, pest infestations, structural foundation issues, etc. An Idaho home inspection would usually cost around $360.

9. Property Survey: Home surveys in Idaho usually charges for a $600.18 fixed fee for residential boundary survey (up to 1/2 acre), and could range between $397.29 to $803.06. It’s typically performed to determine the boundary of your property, and so the buyer could get an assurance of what they’re actually paying for.

10. HOA Dues, Document Fees, and Transfer Fees: (Varies on the neighborhood the HOA oversees, the fee could cost between $25 per month to up to $600 a year) If the property falls under a Homeowners Association, you may be subject to various other charges. These include HOA dues, a document fee at the beginning of Escrow, and a transfer fee at the end of Escrow.

11. Other Fees: You’ll have to take into consideration other usual closing costs that can include flood certification fees, loan closing fees, appraisal fees, or title insurance fees.

How Should I Prepare for My Idaho Home Closing?

  1. Review Your Closing Documents in Advance: Before the scheduled closing date, it’s important to prepare all your closing documents beforehand. Review the document thoroughly and understand the provisions and regulations stated. Here are some crucial documents that you’ll likely to sign during closing:

If your property is purchased with a mortgage, you’ll need to get a closing disclosure that summarizes the costs in detail. But if your transaction is all cash, you need to get the HUD-1 (though it’s rare to this day). These are important documents that contain amounts you’re being charged for, loan payoffs if any, and the net process you’ll take to the bank. Remember, depending upon how much equity you have in the property, you might be asked to bring a check (or send a wire) on the closing date. Ensure there are no typos in your name, address, property address, bank info, and other details. Then review every amount and the totals to ensure there are no mathematical errors or inadvertent costs. You’ll be surprised how many times these documents have errors – this is one of the reasons our founder launched Houzeo.

seller closing costs in idaho

The Deed: It’s a necessary document that allows the legal transfer of property title from the seller to the new homeowner. Remember to review the documents in details, verify the information——including the legal description of the property, the deed book, the deed book page, and the Property Identification Number (PIN), if there is any.  We know of a case where a Seller sold a $94,000 property, but the deed also legally transferred over the Seller’s 5 other homes worth $680,000 over to the Buyer. There was a huge scramble post-closing to correct this mistake. It could have been a nightmare for the Seller if the Buyer didn’t honestly transfer the rest of the properties back to the Seller.

  • Statement of Closing Costs: This statement summarizes all the expenses involved in the transaction, including the title search and the title insurance premium. Typically, the buyer will pay the insurance premium, while the other fee could be negotiated with both the buyer and seller. You’ll get the estimated fee once you’ve chosen a title company.

2. Ask Questions: If you’re still new to the closing process, schedule an appointment with your closing agent. Before the scheduled closing date, make sure you research and ask questions you’re not quite sure of. And also, contact your real estate attorney regarding legal issues.

3. Bring TWO Forms of Official ID: There will likely be a licensed notary involved who’ll require that you swear you are who you say you are. Take a valid driver’s license or passport for ID. Carry a secondary ID as well, just in case. Here’s a quick list of what you need to bring during closing:

  • Government-issued photo identification of all sellers on the home contract
  • Any questions you have regarding your closing statement
  • The deed of your home if you own it outright
  • Access information, main keys and security codes for your home
  • Documentation of repairs you’ve made per the home inspection
  • Your lucky pen

Now you’re ready! You might’ve heard horror stories of people being blindsided by high closing costs in Idaho – but that’s often the result of not preparing and educating themselves ahead of time. If you are a Houzeo For Sale By Owner Seller in Idaho, we want you to be one of the most educated home sellers out there. Next step, log on to Houzeo.com and list your home for sale by owner. You’ll be in full control of your listing, and save thousands in the process!

Note: This is only a quick guide for all the sellers in Idaho. Despite most information readily available online, seeking expert advice helps progress the process of selling a home.

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Closing Flat Fee MLS For Sale By Owner Idaho Sellers Guide States

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