Closing Costs in Missouri: A Guide for Sellers
Are you selling your home in Missouri and curious about the associated closing costs? Knowing the full scope of these costs is important for sellers to ensure a smooth transaction and avoid unexpected expenses.
Closing costs will include a number of fees paid at the finalization of a property sale, including loan payoffs, taxes, and agent commissions. Our short guide will explore how these costs function in Missouri and what sellers can expect to pay when selling their property in the Show-Me State.
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 are any fees paid when finalizing the purchase or sale of your property. They can include a wide range of fees, like property taxes or insurance; most are standard for homeowners and sellers.
Others, like transfer taxes, will vary depending on where your home is located when it sells. Missouri is one of the few states that does not have a realty transfer tax.
Mortgage/Loan payoff amount
A loan or mortgage payoff amount is the remaining balance due on a mortgage that must be paid, along with any additional fees that might be owed, to finalize the terms of the loan.
Before selling your home, you need to settle your mortgage, which includes the remaining principal balance and any accrued interest. This ensures that the title can be transferred free of any liens.
Property taxes
According to WalletHub, Missouri ranks 29th in the country in terms of property taxes, placing it above states like Massachusetts.
Real estate in Missouri is taxed at a rate of 0.91%, with a median home value of $199,400. Consult a property tax calculator to get a better idea of what you might owe.
