✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in commission, compliance and litigation risks have significantly increased for sellers throughout the nation. Learn how NAR’s settlement affects home sellers.
Congratulations! You are in the final stretch! However, the joy of finalizing the real estate deal brings with it the stress of financial planning. Closing costs in New Hampshire are a sum of expenses you should plan for when buying or selling a house.
Key Takeaways
- Closing costs or “settlement costs” are a set of final expenses paid for completing a real estate transaction.
- The seller and the buyer both pay closing costs in New Hampshire.
- The 3 major Seller Closing Costs in New Hampshire are:
- 1. REALTOR Fee
- 2. Recording Fee
- 3. Escrow Fee
- The 3 major Buyer Closing Costs in New Hampshire are:
- 1. Loan Origination Fee
- 2. Escrow or Impound Account
- 3. Appraisal Fee
- In New Hampshire, real estate transactions are usually closed by attorneys.
💰 CLOSING COST CALCULATOR NEW HAMPSHIRE
What are Closing Costs in New Hampshire?
Closing costs in New Hampshire are a sum of fees that have to be paid to different stakeholders. Closing costs are essential for finalizing the real estate deal and transferring ownership of the house. These settlement costs are paid in addition to the net property amount.
Who Pays Closing Costs in New Hampshire?
Both the buyer and seller pay certain closing costs at the end of the real estate transaction in New Hampshire.
The seller shells out a higher monetary amount as closing costs as they pay the REALTOR commission. Other fees, like documentation charges, transfer fees, etc., are paid by the buyer.
Some closing costs are negotiable, while others are non-negotiable, like taxes charged by your state or local jurisdiction.
Depending upon the conditions of the New Hampshire real estate market, the buyer or the seller can negotiate their share of the closing costs. For example, in a buyer’s market, the seller may have to bear a portion of the buyer’s closing costs.
» Is the Housing Market Going to Crash in New Hampshire: We explain what the New Hampshire real estate market will be like in 2023.
Who Pays Closing Costs on FSBO in New Hampshire?
While For Sale By Owner (FSBO) property sellers do not have to pay heavy real estate agent commissions, they cannot completely escape closing costs. Some of these are:
1. Transfer Taxes
Transfer tax is charged by the state and/or municipality before the ownership is transferred from the seller to the buyer. In New Hampshire, the transfer tax is paid by buyer as well as the seller. Transfer tax charges approximately 1.5% of the sale value.
2. Seller’s Attorney Fees
The law in New Hampshire does not mandate the presence of an attorney for FSBO real estate transactions. However, it is highly advised to hire a real estate attorney for FSBO deals to avoid any type of legal risk.
A real estate attorney guides the owner in preparing the necessary documents like seller disclosure and drafts of other legal paperwork.
3. Pre-listing Appraisal
FSBO sellers may have to invest in the pre-listing appraisal, as it would help them find an appropriate buyer in less time. This will, in turn, lower the number of days on the market and make the sale faster.
How Much are Closing Costs in New Hampshire?
The closing cost in New Hampshire for sellers is approximately 8%–10% of the home’s agreement value, while the buyers are expected to pay around 2%–5% of the home’s purchase price.
Let’s put this in perspective! The median home value in New Hampshire is $438,366. So, if you are selling a house in New Hampshire, you may have to pay $35,069 to $43,836 as closing costs. On the other hand, if you are buying a house in New Hampshire, your closing costs may range between $8,767 to $21,918.
How Much are Closing Costs for Sellers in New Hampshire?
As mentioned above, when selling a house in New Hampshire, you will have to pay some closing costs to legally transfer the house ownership to the buyer. These costs include several fees that need to be paid over and above the net price of the property.
Some seller closing costs are negotiable. Real estate agents in New Hampshire usually have information about who pays what at closing and can help you save on closing costs.
Here are some of the prime seller closing costs in New Hampshire.
1. REALTOR Fee
The seller pays real estate commissions to both the listing agent and the buyer’s agent. The real estate commissions in New Hampshire usually amount to 5%-6% of the agreement value.
» How To Negotiate Real Estate Commission: Check out this blog to find how how to negotiate REALTOR commissions like a pro!
2. Recording Fee
The recording fee is paid by the seller to make the real estate transaction a matter of public record. In New Hampshire, the recording fee ranges from $600 to $700 across different counties.
3. Escrow Fee
An escrow agent is an unbiased third party who helps you and the buyer complete the transaction. They clear the house for sale, transfer the ownership to the buyer, and the respective funds to the seller.
The escrow fee is the remuneration charged by the escrow agent for their services.
4. Home Inspection Fee
Sellers can opt for a NH state inspection to identify any major defects and issues, like plumbing issues, water damage, mold, appliance malfunction, etc., in the house that they must resolve before selling.
This can be done before the property is listed on the market (pre-inspection) or just before the closing. The average home inspection cost in NH is usually around $400-$600.
The buyer can also undertake a home inspection. However, if the New Hampshire home inspector finds undisclosed defects, it might give the buyer an upper hand during negotiations, or they may back out of the deal.
» Typical Seller’s Closing Costs New Hampshire: Here is a detailed breakdown of closing costs to sell a home in New Hampshire.
How Much are Closing Costs for Buyers in New Hampshire?
These are the closing costs paid by the buyer while acquiring the property ownership from the seller. Like seller closing costs, these too are negotiable. Hence, hiring a buyer’s agent can help you save on closing costs.
We have listed some of the prime buyer closing costs.
1. Loan Origination Fees
Some mortgage lenders in New Hampshire charge buyers a loan origination fee to execute the loan with other respective documentation and legal formalities. The loan origination fee usually amounts to 1% of the mortgage loan amount.
2. Mortgage Escrow Account/ Impound Account
A part of the buyer’s monthly mortgage payments is reserved in an escrow or impound account by the mortgage lender. This reserve is maintained to pay the property tax and homeowners insurance premiums.
A mortgage servicer manages the mortgage escrow account and makes the payments on behalf of the buyer.
3. Appraisal Fee
Appraisal fees are paid to the professional appraiser who assesses the home value and ensures you get the best competitive price.
The cost for home appraisal in New Hampshire varies between $300 and $500, depending on the property characteristics like its actual saleable area and its geographical location.
4. Title Insurance
A title company offers title insurance to protect the insured against any type of loss with respect to any outstanding taxes, unpaid dues, default in the title, or any violations. Title insurance in New Hampshire could cost around $200-$250.
» Typical Closing Costs for Buyer in New Hampshire: Here is a detailed breakdown of the customary buyer closing costs in NH.
5. Land Survey Fee
A land survey is done by the surveyor in New Hampshire. The cost of a land survey may start from $250 and go further depending on the size of the land.
How are Closing Costs Calculated?
It is important to calculate closing costs while selling a house or buying one.
The estimated closing costs give sellers an idea about the home equity they will have after the sale and helps buyers find out the amount they will have to pay over and above the agreement value of the house.
» Closing Cost Calculator: Check out the closing costs calculator for calculating the closing costs for your real estate transaction.
How to Calculate Closing Costs for Seller?
Houzeo’s Home Sale Calculator helps calculate closing costs for sellers in New Hampshire with a swish and a click! All the sellers have to do is enter their property location, home sale price, mortgage payoff, seller agent commission, and buyer agent commission and voila!
The Seller Closing Cost Calculator even gives sellers the estimate of their home inspection fee and home warranty fee. With the help of this home sale proceeds calculator, sellers can find out their home equity and be prepared for closing.
» Seller Closing Cost Calculator New Hampshire: Check out the seller closing costs calculator for calculating the closing costs for the seller.
How to Calculate Closing Costs for Buyers?
Houzeo’s Buyer Closing Cost Calculator helps calculate closing costs for buyers in New Hampshire. For finding the estimated buyer closing costs, the buyers have to add the property location, home purchase price, and the down payment in the buyer closing cost estimator.
The closing cost calculator for buyers gives a detailed list of the buyer’s estimated closing costs.
Home buyers can find out everything right from origination fees, appraisal fees, and survey fees to title searches, attorney fees, recording fees, prepaid interest charges, escrow property taxes, and owner’s title insurance.
The Buyer’s Closing Cost Calculator even shows which fees have to be paid before closing and which ones have to be paid at closing while buying a house in New Hampshire.
» Buyer Closing Cost Calculator New Hampshire: Check out the closing costs calculator for a buyer for calculating the closing costs for a buyer.
Closing Costs in New Hampshire for Refinance
Before we dive into closing costs for refinance, let’s look at the term refinance:
What is Refinancing?
Refinance, also called “Refi,” is nothing but replacing your current loan with one that offers a lower rate of interest. This helps lower monthly mortgage payments.
How Much are Closing Costs in New Hampshire for Refinance?
Refinancing closing costs are the sum of several expenses paid against any services that were used in the process of underwriting and closing on your mortgage loan, which makes up 3%-5% of the mortgage amount.
The closing cost for refinancing would vary with respect to the property’s location. Overall, New Hampshire mortgage refi closing costs are the highest in the nation.
Junk Closing Costs to Watch Out For
Junk costs are the additional costs that are imposed by the mortgage lender. These are usually excessive but can be challenged and negotiated for a fairer price. Some of these are:
- Application Fee: The buyer pays this fee to the lender when applying for the mortgage. Not all lenders charge an application fee.
- Loan Processing Fee: This fee is charged by the lender to execute the loan once it has been approved. Borrowers can negotiate for these charges to be waived.
- Mortgage Rate Lock Fee: This fee is a guarantee that the lender will honor the pre-agreed interest rate for a said amount for a set period.
- Underwriting Fee: Mortgage underwriters charge underwriting fee to evaluate and verify loan applications. It is a non-recurring fee. Some lenders charge it in place of the originating fee, while others charge it in addition to the same.
- Courier Fee: A fee of $20-$50 is typically charged in order to cover the courier transactions.
Note: The costs vary by region.
Conclusion
The closing cost in New Hampshire is the mandatory fee that needs to be paid by the seller & the buyer. This is paid over and above the mortgage loan amount. Where the buyer pays 2%-5% and the seller pays 6%-10% against their share of the closing cost.
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Houzeo’s customer-centric approach, advanced technology, and flat fee packages make it an ideal choice for those looking to avoid paying high commissions and closing costs. It is the best company for flat fee listing New Hampshire.
» Houzeo Reviews: Check out Houzeo.com’s reviews before listing your house!
Also Read
- Who Usually Pays Closing Costs in New Hampshire: Closing Costs in NH can vary according to the type of real estate deal. Find out which closing costs you are responsible for.
- Title Insurance Premiums in New Hampshire: Protect your real estate investment with title insurance.
- MLS Flat Fee New Hampshire: Flat Fee MLS companies in New Hampshire can help you save thousands on commission fees. Read the curated list of the best companies near you.
- Cash Buyers for Homes in New Hampshire: Companies that buy houses for cash in New Hampshire ensure fast closings and offer instant cash deals. Who’s the best real estate cash buyer in 2023? Read on!
- How to Sell My House for Cash: Find out the different ways to sell your house fast for cash.
- Ways to Sell a Home Fast New Hampshire: There is more than one way for selling your house fast in New Hampshire. Read on to find out more.
- Selling a Home As Is in New Hampshire: Check out how you can sell your house as is in New Hampshire.
- How To Sell a House without a Realtor in New Hampshire: If want to sell your New Hampshire house on your own, check out this guide to help you through the process.
- How To List on the MLS: List your home on the MLS yourself without hiring a real estate agent.
- New Hampshire Real Estate Form: Check out how to create a contract for an FSBO transaction.
- For Sale by Owners Websites: These websites can help you market your property to prospective buyers directly.
Additional Resources
- Top Real Estate Companies in New Hampshire: Here are the top real estate companies in New Hampshire that can help you with all your real estate needs.
- Best Real Estate Websites New Hampshire: Find out which are the best real estate websites in New Hampshire that can help you crack a smooth real estate deal.
- Licensed REALTORS in New Hampshire: There are thousands of REALTORS in New Hampshire. Check out this blog to find the best one for you.
- Top Real Estate Brokers in New Hampshire: Real estate brokers in New Hampshire can help buyers and sellers with a hassle-free real estate transaction.
- Discount Realtors in New Hampshire: Discount REALTORS in New Hampshire can help you sell your house at a low commission.
- Seller’s Property Disclosure Statement New Hampshire: Check out the disclosure requirements for selling your house.
- How to Stop Foreclosure in New Hampshire: Read on to find how you you stop your property from going into foreclosure.
- Best Time to Buy a House in New Hampshire: Check out if it’s the best time for you to buy a house in New Hampshire.
Find Your New Home With Houzeo
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Frequently Asked Questions
1. How much are closing costs in New Hampshire?
The closing cost in New Hampshire for buyers are approximately 2%–5% of the home’s agreement value. While the sellers are expected to pay around 6–10% of the home’s purchase price. For sellers, that includes the agency commission too.
2. How much are closing costs in New Hampshire for buyer?
The buyer closing costs are the charges paid by the buyer while acquiring the property ownership from the seller. These charges included several fees that need to be paid over and above the agreement amount and are negotiable too. Hence, you would need the best listing agent that would benefit you in this deal.
3. How much are closing costs in New Hampshire for seller?
The seller closing costs are the charges paid by the seller while transferring the property ownership to the buyer. These charges included several fees that need to be paid over and above the agreed amount and are negotiable too. Hence, you would need the best listing agent that would benefit you in this deal.
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Additional Resources
- Real Estate Websites New Hampshire: Find out which are the best real estate websites in New Hampshire that can help you crack a smooth real estate deal.
- Discount Real Estate Brokers in New Hampshire: Discount REALTORS in New Hampshire can help you sell your house at a low commission.
