Seattle Condo Seller Closing Costs

Know Your Numbers Before You List

Every seller wants to know the same thing: what will I walk away with? The answer depends on more than just your sale price. Seller closing costs in Washington State and specifically in Seattle can range from 7% to 10% of the sale price, and condo sales carry a few additional costs that single-family sellers do not face. Understanding these numbers before you list will help you set realistic expectations and make informed decisions about pricing and negotiation.

Real Estate Excise Tax (REET)

Washington State does not have an income tax, but it does have one of the most significant real estate excise taxes in the country. REET is paid by the seller at closing and is calculated as a percentage of the sale price. The rate is tiered based on the sale price:

• $525,000 or less: 1.10% combined state and local rate
• $525,001 to $1,525,000: 1.28% on the portion above $525,000
• $1,525,001 to $3,025,000: 2.75% on the portion above $1,525,000
• Over $3,025,000: 3.00% on the portion above $3,025,000

Seattle adds a local REET component on top of the state rate. For a typical Seattle condo selling in the $500,000 to $800,000 range, expect the combined REET to run approximately 1.1% to 1.6% of the sale price. This is a mandatory cost that cannot be negotiated away. I calculate exact REET estimates for every seller as part of our initial pricing conversation.

Agent Commissions

Historically, the seller paid both the listing agent commission and the buyer agent commission. Following recent industry changes, commission structures are more negotiable and transparent than they were previously. The total commission typically runs between 4% and 6% of the sale price, split between the listing side and the buyer side. I discuss commission structure openly during our listing consultation so you understand exactly what you are paying for and why.

HOA-Specific Seller Costs

Condo sellers face closing costs that house sellers do not. These include:

• Resale Certificate: Washington State law requires condo sellers to provide a resale certificate to the buyer. This document includes HOA financials, reserve study summaries, meeting minutes, insurance information, and more. The cost to produce this document ranges from $200 to $500 depending on your building's management company. Some management companies charge rush fees if you need it turned around quickly.
• HOA Transfer Fee: Many buildings charge a transfer fee when ownership changes. This can range from $200 to $1,000. Check your building's CC&Rs to understand what applies to your situation.
• Move-Out Deposit: Some buildings require a refundable deposit for the move-out process to protect common areas from damage during the move. This is typically $500 to $1,000 and is refunded after a successful move-out inspection.
• Prorated HOA Dues: You will pay HOA dues through your closing date, and the buyer picks up from there. This is handled in the closing settlement.

Title Insurance and Escrow

In Washington State, sellers typically pay for the buyer's owner's title insurance policy. The cost is based on the sale price and generally runs between $1,000 and $2,500 for most Seattle condo transactions. Escrow fees are typically split between buyer and seller, with the seller's portion running $500 to $1,200.

Other Potential Costs

• Staging: Professional staging for a condo typically costs $2,000 to $4,000 for a 30-day staging period. Not every unit needs staging, but I will give you an honest recommendation based on your unit's condition and the current competitive environment.
• Pre-Listing Repairs: Minor repairs and touch-ups before listing can range from a few hundred dollars to several thousand. I walk through every unit before listing and identify the specific improvements that will generate a return and the ones that will not.
• Outstanding Special Assessments: If your building has approved a special assessment, your obligation may need to be disclosed and potentially paid or credited at closing. I review your building's assessment history as part of every listing engagement.

Calculating Your Net Proceeds

Here is a simplified framework for estimating your net proceeds on a Seattle condo sale. Assume a $650,000 sale price as an example:

• Sale Price: $650,000
• REET (approx. 1.3%): -$8,450
• Agent Commissions (5%): -$32,500
• Title Insurance: -$1,500
• Escrow (seller portion): -$800
• Resale Certificate: -$350
• HOA Transfer Fee: -$500
• Staging/Prep: -$3,000
• Estimated Net Proceeds: ~$602,900

This is a rough estimate. Your actual costs will vary based on your building, your sale price, and the specific terms of your transaction. I provide a detailed seller net sheet during our initial consultation so you know exactly what to expect.

Get Your Personalized Estimate

Every building and every unit has different cost variables. I can prepare a detailed seller closing cost estimate specific to your condo, your building's fees, and the current REET rates. No obligation, just clear numbers so you can make an informed decision.