Closing Costs in Oklahoma: A Guide for Sellers
Curious about closing costs in Oklahoma? When you sell your home, there are expenses—known as closing costs—that come into play before the sale is completed. These costs typically cover things like loan payoffs, property taxes, and other essential fees.
In this guide, we’ll walk you through the specific closing costs in Oklahoma, giving you a clearer picture of what to expect when you finalize the sale of your property.
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?
When selling your home, closing costs represent a variety of fees paid during the final steps of the transaction. These expenses can include property taxes, insurance, and other standard charges for both homeowners and sellers. However, some fees—like transfer taxes—can fluctuate depending on where your home is located at the time of the sale.
Mortgage/Loan payoff amount
Before selling your home, you’ll need to address the loan payoff amount on your mortgage. This is the remaining balance due on your mortgage, which must be fully paid off before you can transfer ownership of your property. The payoff includes the outstanding principal balance and any interest that has accrued over the life of the loan.
In some cases, additional fees, such as late payments or prepayment penalties, may also be included in the loan payoff amount.
Property taxes
According to WalletHub, Oklahoma ranks 26th in the country in terms of property taxes, placing it above states like Oregon.
Real estate in Oklahoma is taxed at a rate of 0.85%, with a median home value in the state of $188,794. To get a better idea of what you might owe, consult a property tax calculator.
