While many homeowners hope to profit from selling their house, the process isn’t free. There are many costs associated with finalizing a home sale. In Idaho, these closing costs typically add up to around 10% of your home’s final sale price. However, every home sale is unique, and you can’t get a solid estimate without factoring in your specific circumstances. We’ll help you estimate your closing costs in Idaho with expert insight from top Post Falls real estate agent Cody Funk, who works with over 82% more single-family homes than the average area agent. Here’s an overview of common Idaho closing costs. We’ll break down what each of these fees is below. These are the primary closing costs that Idaho sellers pay: You’ll need to pay off your mortgage to transfer the title to the buyer. In Idaho, the average mortgage debt was $243,353 in 2023. In most cases, sellers use the funds from their home sale to cover this cost. You’ll work with your settlement agent to request a payoff statement from your lender for an exact payoff amount. This amount won’t be the same as the balance on your last mortgage statement. The payoff statement includes per diem loan interest due up until the date of settlement and payoff, along with any outstanding fees such as a prepayment penalty or late payments. Since mortgage payoff varies widely, we have not included this cost when calculating the total average closing cost percentage in Idaho. When you pay off a mortgage, the lender must file paperwork with the state that proves they have released their claim on the property. Top agent Funk tells us that it’s standard for title companies to charge between $120 and $150 to facilitate loan reconveyance in Idaho. Additionally, the state charges a recording fee of about $15 to document the reconveyance, though this fee varies by county. When you sell your home, you’re responsible for paying property taxes for the amount of time that you owned the property. “In Idaho, property taxes are always paid in arrears,” explains Funk. “So your June payment is paying off your December bill from the previous year.” This means that, at closing, you’ll receive a debit on your upcoming property tax bill for an amount prorated to the day of sale. While property tax rates vary by county, the average rate in Idaho is around 0.88% of the estimated value of your home per year. Unlike most other states, Idaho does not charge any real estate transfer taxes. So, wrapping up property taxes is all you need to worry about.Idaho seller closing cost overview
Closing cost Average cost Seller responsibility Mortgage payoff $243,353 The seller must pay off their mortgage when selling their home. Property taxes 0.88% of the home’s value The seller is responsible for property taxes up to the day of sale (prorated). Commissions Around 3%-6% of the sale price, according to Funk It’s customary for the seller to pay commission to the listing agent and may also pay for the commission of the buyer’s agent. Title insurance 0.36%-0.67% It’s customary for the seller to pay for the owner’s policy but not the lender’s policy. Title company fee $20, according to Funk Yes Loan reconveyance and recording fees $155, according to Funk The seller is responsible for covering these fees. Buyer concessions 3% of the sale price, according to Funk Customary Outstanding liens Costs may vary Yes HOA fees $25-$50, according to Funk Sellers pay prorated HOA fees up to the day of the sale. Attorney fees $350-$500 If sellers choose to work with a real estate attorney, they’ll pay fees. Idaho sellers are on the hook for these closing costs
Mortgage payoff
Reconveyance tracking and recording fee
Property tax
