Closing Costs in Minneapolis, MN

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The Closing Costs in the Minneapolis, MN

Closing Costs

Closing Costs collectively is the term used to refer to all the expenses a buyer and seller have to pay to close a real estate transaction. Generally, the buyer pays most of the fees associated with closing costs but there are instances where you can negotiate with the seller to pay some or all of these costs. The fees vary depending on the legal requirements of the state and municipality so it's best to discuss with your realtor the various closing costs you have to pay for your deal. We've compiled a list of the typical closing costs for a buyer and seller and enumerated them on the lists down below.

A Young Couple with Their Real Estate Agent

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Buyer's Closing Costs

  • Survey Fee
  • Appraisal Fee
  • Origination Fee
  • Recording Fees
  • Title Search Fee
  • Prepaid Interest
  • Home Inspection
  • Underwriting Fee
  • Credit Report Fee
  • Lender’s Title Insurance
  • Settlement/Escrow Fees

Seller's Closing Costs

  • Escrow Fees
  • Transfer Fees
  • Attorney Fees
  • Recording Fees
  • Title Insurance for the Buyer
  • Mortgage Payoff and Any Penalty Fees for Prepayment
  • Other Amounts Owed (HOA Fees, Property Taxes, Utilities)

Parties During a Real Estate Settlement Meeting

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Effective Tips for Lowering Your Closing Costs

  1. You should find a good rate for the various services you'll need for your real estate transaction. This includes your mortgage rates from your lender, pest inspection fees, title insurance, and other specialty services for your home.
  2. Identify which fees on your loan estimate are not fixed and can be modified to lower your overall cost. Checking fees such as title services, lender’s title insurance, and owner’s title insurance are great ways to lower your settlement cost.
  3. Check if there are discount points available to get a lower interest rate. Be sure to check short term and long term benefits of your loan should you avail of the discount.
  4. Check out Third Party rates which may be higher or lower depending on your area. If you find one that has a good rate ask your lender regarding their offer to save on your lender or title insurance provider.
  5. The easiest way to save on your closing costs is by scheduling your close date at the end or near the end of the month. This allows you to save on accrued costs for the first month.

Infographic on the Closing Costs in the Twin Cities MN

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Let Me Help You Find Your Minneapolis Home!

If you are a buyer, it is important to have the assistance of a Buyer's Agent to represent you during the transaction. If you need additional assistance or would like to schedule a showing, contact our office at 612-968-2161.

Jesse Grumdahl
Grumdahl Group - ReMax
9401 36th Ave N, Minneapolis, MN 55427

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