How much cash will you need to close on a home in Mount Juliet, and what will you actually pay for as a buyer or seller? It is a common question, and the answer depends on your loan, the contract you negotiate, and a few Wilson County details. You deserve a clear, local breakdown so you can plan with confidence and avoid surprises at the closing table. In this guide, you will learn typical line items, who usually pays, smart ways to save, and realistic examples for Mount Juliet. Let’s dive in.
What closing costs cover in Tennessee
Closing costs are the non purchase price charges needed to transfer ownership and fund a mortgage. These include lender fees, title and escrow services, county and state recording charges, inspections, and prorations like property taxes or HOA dues.
Who pays which items is negotiable in the purchase contract. Local custom in Tennessee and Wilson County can influence what is common, but every deal is different. Your final Closing Disclosure will show the exact split.
Timing and disclosures you can expect
Federal TRID rules require your lender to provide a Loan Estimate within 3 business days of your application. You must also receive a final Closing Disclosure at least 3 business days before closing. These documents spell out lender fees, estimated third party costs, and your cash to close so you can review and compare.
Buyer closing costs in Mount Juliet
Here are the most common buyer expenses and typical ranges you can use for budgeting:
- Lender fees such as origination, underwriting, or application. Often 0.5% to 1.5% of the loan amount, or $500 to $3,000 as flat fees.
- Appraisal to support the loan value. Usually $400 to $800.
- Credit report. About $25 to $50.
- Title and closing services including title search and settlement. Often $300 to $1,000.
- Title insurance one time premium. Amount varies with price and who pays is negotiable. It can range from a few hundred to a few thousand dollars.
- Recording and transfer charges set by county and state. These are usually modest but must be verified with Wilson County and Tennessee schedules.
- Prepaid items and escrows like the first year of homeowners insurance, prepaid interest, prorated property taxes, and escrow deposits for taxes and insurance. Escrow deposits are commonly 2 to 6 months.
- HOA items such as estoppel or transfer fees and prorated dues if applicable. Often $100 to $500.
- Inspections such as general home, termite, radon, or septic. A general home inspection often runs $300 to $600, with specialized inspections $100 to $600 each.
- Survey if required by the lender. Often $300 to $900.
- Miscellaneous such as wire, courier, or document prep fees. Often $25 to $200.
Buyer budgeting rule of thumb
Plan for about 2% to 5% of the purchase price in closing costs. You will be toward the lower end if you pay cash or receive seller credits, and toward the higher end if your lender requires larger escrows or charges more fees.
What drives a buyer’s total
- Loan type and interest rate strategy. Lender credits can reduce cash to close but often raise the rate.
- Whether the seller agrees to pay items such as the owner’s title policy or a general closing credit.
- Timing in the tax cycle. Prorations and escrow deposits can change with the calendar.
Seller closing costs in Mount Juliet
Sellers pay a different set of costs, most taken from sale proceeds at closing:
- Real estate commission is typically the largest line item. A common national range is 5% to 6% of the sale price in total commission, shared between listing and buyer brokerages. Local rates and structures are negotiable.
- Title related fees such as the seller’s portion of settlement fees. In many Southern markets the seller often pays the owner’s title insurance premium, but this is negotiable and can vary by county and contract.
- Mortgage and lien payoffs including any prepayment penalties or payoff fees.
- Prorated property taxes and HOA dues through the day of closing.
- Repairs or credits negotiated during inspection or to satisfy lender conditions. Sellers often provide a closing cost credit instead of price reductions.
- Recording and municipal items such as deed recording or any required certificates. These are usually modest.
- Optional items like a home warranty, often $300 to $700, or attorney fees if retained.
Seller budgeting rule of thumb
Plan for about 5% to 10% of the sale price in closing related costs when you include a typical commission. Your exact net depends on your commission agreement, negotiated credits, and any loan payoffs.
Local Wilson County details to verify
- Recording and county fees are set by the Wilson County Register of Deeds. Confirm current deed and mortgage recording charges.
- Property tax billing and prorations are administered by Wilson County offices. Your closing will prorate taxes based on the county’s schedule and the closing date.
- State documentary or transfer taxes are set by Tennessee statute and administered locally. Your title or closing agent will calculate them based on state rules.
- Closing providers in Tennessee include title companies, escrow agents, and closing attorneys. Local custom can influence who pays for the owner’s title policy in Wilson County, so confirm early.
- HOA or community requirements may include estoppel or transfer fees for certain Mount Juliet subdivisions.
- Assistance programs may be available at the state or local level for first time buyers and can help with some closing costs. Review available programs before you write an offer.
Ways to reduce or control closing costs
- Shop lenders and compare multiple Loan Estimates side by side. Ask about lender credits versus upfront fees, then run the long term math.
- Compare title and closing providers. Premiums and settlement fees can vary. Request itemized quotes for the same price point.
- Negotiate seller credits. Buyers can request credits to cover appraisal, lender, or title fees. Sellers can offer credits to improve the net for both sides compared with a price cut.
- Discuss commission structure. Commission is negotiable. Consider options with your listing agent and weigh the tradeoffs in marketing and exposure.
- Avoid duplicate services. Do not order a survey unless your lender requires it, and confirm whether any municipal or pest certificates are truly needed.
- Structure contract terms. Specify in writing who pays for the owner’s title policy or state transfer taxes so there are no surprises.
Caution: So called no closing cost loans usually recoup fees through a higher interest rate over time. Also, be wary of quotes that leave out government fees or prepaid items. Ask for itemized estimates.
Real world Mt. Juliet examples
The following examples are for illustration. Always confirm with your lender, title company, and county offices.
Example A: Buyer of a $400,000 home with 20% down
- Lender origination and underwriting: $1,600
- Appraisal: $550
- Credit report: $35
- Title and settlement fee: $600
- Title insurance premium estimate: $1,500
- Recording fees: $150
- Prepaid homeowners insurance: $1,200
- Property tax escrow and prorations: $2,000
- Escrow deposit for taxes and insurance: $1,500
- Inspections: $500 Estimated buyer closing costs, excluding down payment: about $9,635, which is roughly 2.4% of the purchase price.
Example B: Seller of a $400,000 home
- Total commission at 6%: $24,000
- Seller paid owner’s title insurance: $1,500
- Prorated taxes and HOA: $1,200
- Mortgage payoff example: $200,000
- Repairs or credits: $2,000
- Recording and conveyance fees: $200 Estimated seller closing costs, excluding mortgage payoff: about $28,900, which is roughly 7.2% of the sale price.
Example C: Seller pays $5,000 toward buyer costs
- Buyer cash to close is reduced by $5,000.
- Seller net proceeds drop by the same $5,000. This shows how credits can balance the deal when interest rates or cash on hand are tight.
Step by step to get your exact number
- Buyers: apply with at least two lenders and request Loan Estimates. Compare rate, fees, and projected cash to close.
- Buyers and sellers: ask a local title or closing company for an itemized fee quote for your address and price point.
- Sellers: request a detailed net sheet from your listing agent that includes likely credits, prorations, and payoffs.
- Both parties: review the final Closing Disclosure at least 3 business days before closing and ask questions right away if anything changes.
The bottom line for Mount Juliet
Closing costs in Mount Juliet vary by loan, contract, and county and state fee schedules. As a quick guide, buyers often budget 2% to 5% of the purchase price and sellers often plan for 5% to 10% including commission. With smart shopping and clear negotiations, you can control more than you think.
If you want a local, bilingual advisor to walk you through your numbers, credits, and timing, reach out. Hablo español. Connect with D Santos Gonzalez to schedule a free consultation or request your home valuation.
FAQs
Who usually pays for title insurance in Tennessee?
- Custom often has the seller paying the owner’s policy in many Southern markets, but this is negotiable and can vary by county and by contract.
How much should a Mount Juliet buyer budget for closing costs?
- A practical range is 2% to 5% of the purchase price, excluding your down payment, depending on lender fees, escrows, and any seller credits.
What do Mount Juliet sellers typically pay at closing?
- Sellers often pay 5% to 10% of the sale price, mainly driven by real estate commission, plus title fees, prorations, and any negotiated credits.
Can a seller pay a buyer’s closing costs in Wilson County?
- Yes, seller concessions are negotiated in the contract, and your lender may limit how much the seller can contribute based on loan type and down payment.
How do I get a firm closing cost number before I commit?
- Buyers should collect Loan Estimates from lenders, and both buyers and sellers should request itemized quotes from a local title company and a detailed net sheet from their agent.
