Not sure who pays what at closing in Tulsa? You are not alone. Between title fees, lender charges, and tax prorations, the totals can be confusing if you have not closed in Oklahoma recently. This guide breaks down typical buyer and seller costs in Tulsa, what is negotiable, and how to estimate your bottom line with confidence. Let’s dive in.
Tulsa closing cost basics
In most Tulsa sales, buyers can expect closing costs of about 2% to 5% of the purchase price. This excludes your down payment. Sellers typically see 6% to 10% of the sale price, with commission usually the largest expense.
These ranges are broad on purpose because totals depend on price, loan type, and negotiated credits. Your purchase contract ultimately decides who pays each line item.
What buyers usually pay
- Lender fees and points: Typically 0.5% to 1.5% of the loan amount.
- Appraisal: Usually $400 to $800.
- Credit report: About $25 to $50.
- Title/escrow closing fee: Often $300 to $1,200; sometimes split.
- Lender’s title insurance policy: One-time premium based on loan amount.
- Recording fees: Typically $50 to $300 for mortgage and related documents.
- Prepaid taxes and insurance: First year of homeowners insurance and a portion of property taxes to set up escrow.
- Inspections: Home, termite/pest, septic, or well, often $200 to $800+ total.
- Survey (if required): About $200 to $700.
- HOA-related fees: Varies by community documents.
What sellers usually pay
- Real estate commission: Commonly 5% to 6% of sale price (split between brokerages).
- Owner’s title insurance policy: Often seller-paid in much of Oklahoma, but negotiable in Tulsa.
- Portion of title/escrow fee: Frequently split; roughly $200 to $1,000.
- Prorated property taxes: For the portion of the year the seller owned the home.
- Mortgage payoff and recording of release: Varies by lender.
- Repairs or credits: Based on inspection and contract.
- Home warranty (optional): About $300 to $700.
- Miscellaneous fees: Courier or HOA transfer fees as applicable.
Title insurance in Tulsa
In many Oklahoma transactions, the seller commonly pays the owner’s title insurance policy, while the buyer pays the lender’s policy. In Tulsa County, this is still a matter of local custom and contract. Treat it as negotiable and confirm early with your title company and agent.
Title premiums are one-time charges set by state-filed rate schedules. While the premium itself is not usually negotiable, parties can negotiate who pays and how to split closing or escrow service fees.
Taxes, recording, and local fees
- Property tax proration: Tulsa County taxes are billed annually. At closing, taxes are typically prorated to the sale date so each party pays their share for the year.
- Recording fees: Deed and mortgage recordings in Tulsa County are modest per document, often totaling tens to a few hundred dollars depending on how many documents are recorded.
- Transfer taxes: Oklahoma does not have a widespread state real estate transfer tax. Expect local recording charges instead.
- HOA/condo fees: Some Tulsa communities charge transfer or estoppel fees. Check your HOA documents to confirm amounts and who pays.
How to shift or reduce costs
- Ask for seller credits: A set dollar amount or percentage toward buyer closing costs. Loan program limits apply.
- Negotiate title costs: Request that the seller pay the owner’s title policy, or split escrow/closing fees.
- Rate-credit tradeoff: Take a slightly higher interest rate in exchange for lender credits that reduce upfront costs.
- Repair credits vs repairs: Sellers can issue a closing credit instead of completing repairs before closing.
- Shop providers: Request itemized quotes from multiple lenders and title companies to compare fees.
- Commission choices: Sellers can discuss different listing options. Keep in mind that marketing and cooperation strategies may vary with commission structure.
Examples by price point
The following estimates exclude a buyer’s down payment and a seller’s mortgage payoff principal. Actual totals depend on your loan, property, and negotiated terms.
- $200,000 purchase
- Buyer: roughly $4,000 to $10,000 (2% to 5%)
- Seller: roughly $12,000 to $18,000 (6% to 9%)
- $350,000 purchase
- Buyer: roughly $7,000 to $17,500 (2% to 5%)
- Seller: roughly $21,000 to $31,500 (6% to 9%)
- $600,000 purchase
- Buyer: roughly $12,000 to $30,000 (2% to 5%)
- Seller: roughly $36,000 to $54,000 (6% to 9%)
Timing and what to review
Buyers receive a final Closing Disclosure at least three business days before signing. Use this time to compare it to your Loan Estimate and ask questions about any changes. Sellers should review their net sheet and settlement statement for prorations, commissions, and payoff figures.
Quick checklist for Tulsa
- Request a Loan Estimate from your lender for preliminary buyer costs.
- Ask your title company for an itemized quote and closing fee schedule.
- Sellers, request a net sheet that includes commissions, title charges, and tax prorations.
- Verify Tulsa County recording fees and the tax billing cycle for accurate prorations.
- Confirm HOA transfer or estoppel fees early if applicable.
- If using FHA, VA, or USDA financing, confirm seller credit limits with your lender.
- Ask for a sample Closing Disclosure to understand final figures.
Bottom line for Tulsa buyers and sellers
Use the percentage ranges as a starting point, then firm up your numbers with a lender and title quote. Decide early how you want to handle the owner’s title policy, escrow fees, and any credits so your offer or counter is clear. With the right plan, you can control surprises and keep more of your budget focused on the home you want.
If you would like a tailored closing-cost breakdown for your Tulsa property or purchase plan, connect with boutique, founder-led guidance. Schedule a complimentary consultation with Matthew Simms.
FAQs
What are typical buyer closing costs in Tulsa?
- Buyers usually pay about 2% to 5% of the purchase price, excluding the down payment.
What are typical seller closing costs in Tulsa?
- Sellers often pay about 6% to 10% of the sale price, with commission as the largest line item.
Who pays the owner’s title policy in Tulsa County?
- In much of Oklahoma the seller often pays the owner’s policy, but in Tulsa it is negotiable and confirmed in the purchase contract.
Does Oklahoma charge a real estate transfer tax?
- Oklahoma generally does not impose a statewide transfer tax; expect local recording fees instead.
When will I see my final closing numbers as a buyer?
- Your lender must provide the Closing Disclosure at least three business days before closing so you can review costs.
Can I roll closing costs into my mortgage?
- Sometimes, depending on your loan type and program limits; ask your lender about financing options or lender credits.
How are property taxes handled at closing in Tulsa County?
- Taxes are typically prorated to the closing date so each party pays their share for the year based on time of ownership.
