Closing Costs in Arkansas: A Guide for Sellers

It is important to understand the full scope of closing costs when selling your home in Arkansas. These costs consist of various fees and expenses that sellers are responsible for at the final stage of a property sale.

Closing costs typically include charges for loan payoff, property taxes, and other essential services required to finalize the transaction.

In this guide, we’ll explore the specific closing costs you can expect to encounter when selling your property in Arkansas. We’ll break down each component so you know exactly what to anticipate, helping you prepare for a smoother sale process.

Disclaimer: This article provides estimates of a seller’s closing costs that are meant for educational and research purposes only; our calculations are not a guarantee. 

What are closing costs?

Closing costs refer to the various expenses that arise during the finalization of a property sale. These costs can cover a broad spectrum of fees, such as property taxes and insurance, which are generally standard for both buyers and sellers. However, some fees, like transfer taxes, may vary depending on your property’s location at the time of sale.

Mortgage/Loan payoff amount

When selling your home, it’s important to address the remaining balance on your mortgage. The loan payoff amount is the total sum required to fully pay off your mortgage.

This amount includes the outstanding principal balance and any interest that has accrued over the life of the loan. Additionally, there may be extra fees or charges associated with finalizing the loan terms, which are also included in the payoff amount.

Property taxes

According to WalletHub, Arkansas ranks 15th in the country in terms of property taxes, placing it above states like California.

To get a better idea of what you might owe, consult a property tax calculator.