top of page

Philadelphia Home Seller Closing Costs

When you are shopping for a home, the term down payment comes up a lot and most people know that they have to save up a chunk of money to put down when buying a home.  Another term that comes up during the home buying process is closings costs.


What are closing costs and how much does one need to save up to pay for said costs?  


Vinny Fracassi

South Philadelphia Real Estate Agent

One thing to note: as a buyer, when you go to purchase a home, you sign a contract with the seller.  Once the contract is signed, it is your duty as the buyer to act in good faith to see the contract to its completion.  Part of the contract is setting a date when you, the buyer will close on the home and take possession of it.  Typically the closing date is 30-45 days out from the date that you go under contract.  Also, after you go under contract, it is imperative that you hire a title company.  A lot of your closing costs will be fees associated with the services of a title company.  On the closing date, the buyer and seller will meet at the title company’s office, exchange money, and sign a bunch of documents.  Part of the money that gets exchanged that day are referred to as closing costs.  Simply put - closing costs are the expenses above and beyond the home’s price that the buyer and seller incur to complete a real estate transaction.  You can expect closing costs to run you roughly 3% - 6% of the purchase price of the home.   These expenses will be divided up per debits and credits between the buyer and seller and will need to be paid at the closing table.  The costs are typically paid for via certified bank check or wire.  

Closing costs include but are not limited to: Transfer Taxes, Loan Origination Fees, Appraisal Fees, Title Search Fees, Title Insurance Fees, Survey Fees, Deed Recording Fees, Credit Report Charges, Buyer & Seller Agent Commissions, Utilities, State & City Taxes

Philadelphia Home Buyer Closing Cost Estimate: 


  • Purchase Price:  $300,000

  • Down Payment: $60,000 (20%) 

  • Interest Rate: 6.5%

  • Loan Term: 30 Year Conventional 



City/Town Taxes: $150


Loan Charges

Appraisal Fee: $450

Credit Report Fee: $25

Flood Certification: $15

Tax Service: $100

Title - Notary Fee: $65

Prepaid Interest: $100



Homeowners Insurance (3 months): $300

Property Taxes (12 months): $1,500


Title Charges & Escrow / Settlement Charges

100 No Viol: $100

300 Survey: $100

900 EPL-Res: $100

Closing Protection: $125

Lender’s Policy: $1,800

Wire Fee: $18

Owner’s Policy: $350


Government Recording and Transfer Charges

State Tax/Stamps: $1,400

Recording Fees (Deed) to Philadelphia Recorder of Deeds: $300

Recording Fees (Mortgage) to Philadelphia Recorder of Deeds: $300

City/County Tax/Stamps to City of Philadelphia: $4,500



Brokerage Fee: $495


TOTAL CLOSING COSTS: $12,293 (~4% of the $300,000 purchase price) 

bottom of page