Are you mapping out your home budget and wondering how much extra cash you’ll need at the finish line? You’re not alone. Closing costs can feel like a black box, especially if this is your first home in Reynoldsburg or greater Franklin County. In this guide, you’ll learn what closing costs include, how much to budget, who usually pays what, and how to plan your cash to close with fewer surprises. Let’s dive in.
What closing costs cover in Reynoldsburg
Closing costs are the one-time fees and prepaid items you pay to finalize your home purchase. They show up first on your Loan Estimate and again on your final Closing Disclosure.
- Your lender must provide a Loan Estimate within 3 business days of your mortgage application. You can review a plain-English overview of the form on the CFPB’s Loan Estimate page.
- You must receive a Closing Disclosure at least 3 business days before closing. The CFPB’s Closing Disclosure explainer shows what each line means.
Closing costs include lender fees, title and settlement charges, government and recording fees, inspections, and prepaid items like homeowner’s insurance and property tax escrow deposits. Some costs are negotiable, and totals vary by loan program and property.
How much to budget in Franklin County
A good starting estimate for buyers is 2% to 5% of the purchase price, not including your down payment. The actual number depends on your loan type, interest rate choices, HOA fees, the closing date, and any seller-paid concessions.
Illustrative examples at 3% closing costs:
- $200,000 purchase: about $6,000
- $350,000 purchase: about $10,500
- $500,000 purchase: about $15,000
These figures are illustrative only. Ask your lender for a detailed Loan Estimate and request an itemized quote from your title company to refine your number.
Common fees you might see
Below are typical buyer charges and what to expect locally. Amounts vary, so always confirm with your lender and title company.
Loan and lender fees
- Origination or lender fee. This compensates the lender for processing your loan. It may be a flat fee or a percentage of the loan amount.
- Discount points. Optional fees you can pay to lower your interest rate. One point equals 1% of the loan amount.
- Underwriting, application, and commitment fees. Flat fees that vary by lender.
- Credit report. A small fee, usually around a few dozen dollars.
- Appraisal. Typically paid by the buyer; an appraiser confirms the property’s value. A common range is roughly a few hundred dollars.
Title and settlement in Ohio
In Ohio, title companies commonly handle closings. You will see fees for the title search and settlement, plus title insurance policies.
- Lender’s title insurance. Usually required by lenders and tied to your loan amount.
- Owner’s title insurance. Protects your ownership interests. Who pays is negotiable and can vary by local custom. In some Ohio areas the seller often pays this, but you should confirm for the Reynoldsburg/Columbus market with your agent and title company.
- Closing or settlement fee and title search. Flat fees that cover document prep, title examination, and managing the closing.
Ask for a written title quote early so you can plan for these items.
Government and recording in Franklin County
- Recording fees. Charged to record your deed and mortgage with the county. Fees are set by document type and can vary based on how many pages are recorded. Check the Franklin County Recorder for current information.
- Transfer or conveyance charges. Ohio does not impose a broad statewide transfer tax like some states, but local recording and conveyance fees may apply. Your title company will confirm any county or municipal requirements for your specific property.
Taxes, escrows, and prorations
- Property tax prorations. Taxes are prorated between buyer and seller based on the closing date and the local billing schedule. Review parcel data and recent tax bills through the Franklin County Auditor and confirm billing timing with the Franklin County Treasurer.
- Escrow deposits. Lenders often collect several months of property taxes and homeowner’s insurance to fund your escrow account at closing. The amount depends on when you close and the local tax calendar.
- Prepaid interest. Covers the interest due from your closing date to the end of that month.
Inspections and surveys
- General home inspection. A common buyer-paid inspection to review the home’s condition.
- Radon, pest, sewer scope, or roof inspections. Optional, but wise based on property features and your comfort level.
- Survey or plot plan. Sometimes required by a lender or requested by a buyer to confirm boundaries.
HOA and miscellaneous
- HOA/condo transfer or estoppel fees. Some associations charge administrative fees at closing. Buyers may also reimburse sellers for prepaid dues.
- Flood certification. A small fee to confirm flood zone status.
- Attorney fees. Ohio does not require an attorney to close, but you may hire one. Fees vary.
Who usually pays what in Central Ohio
Customs vary by market and by contract. In many transactions across Ohio:
- Buyers typically pay lender fees, the appraisal, lender’s title policy, prepaid interest, escrow deposits, a portion of recording fees, and inspections.
- Sellers typically pay real estate commission, payoff of existing liens, and often the owner’s title policy in some localities. In the Columbus area, this can vary by neighborhood and market conditions, so confirm with your agent and title company.
These items are negotiable. You can request seller concessions to cover some of your closing costs, subject to your loan program’s rules.
Timeline and what to expect on closing day
- Within 3 business days of your loan application, you should receive a Loan Estimate outlining projected closing costs.
- At least 3 business days before closing, you should receive your Closing Disclosure. Compare it to your Loan Estimate and ask about any changes. The CFPB’s explainer can help you review line by line.
- Your title company will provide wiring instructions for your cash to close and will coordinate recording after you sign.
Wire-fraud caution: Always verify wiring instructions directly with your title company using a known phone number. Do not rely on emailed instructions without a live, verified call.
Reynoldsburg buyer checklist
Use this quick list to plan and verify your numbers early:
- Get Loan Estimates from 2 to 3 lenders so you can compare rate, points, and fees side by side.
- Ask your title company for an itemized quote that includes title premiums, settlement charges, expected recording fees, and any owner’s policy if applicable.
- Confirm estimated recording costs and document requirements with the Franklin County Recorder.
- Review parcel data, recent tax bills, and levy details with the Franklin County Auditor and confirm tax due dates with the Franklin County Treasurer so you understand prorations.
- Ask whether the home has an HOA. If yes, request any transfer or estoppel fee schedule and note prepaid dues you may reimburse.
- Decide whether to buy discount points, and weigh that cost against your monthly payment and time horizon.
- Ask your lender about escrow deposits for taxes and insurance so you are prepared for the upfront amount.
- Verify wiring instructions by phone before sending any funds.
- Review your Closing Disclosure as soon as you receive it and send questions to your lender and title company immediately.
Ways to reduce your cash to close
You have options to manage how much you bring to the table:
- Shop lenders. Fees and points vary, and even small changes in rate or lender credits can shift your total.
- Request seller concessions. You can negotiate for the seller to pay a portion of your closing costs, within program limits.
- Consider rate vs. closing cost trade-offs. Some lenders offer credits in exchange for a slightly higher rate. This can lower your upfront cash while raising your monthly payment. Ask your lender for a break-even analysis.
- Time your closing date. Closing late in the month can reduce prepaid interest, though this does not change other items like escrow deposits.
Local resources for exact numbers
When you want precise, current figures, go straight to the source:
- Franklin County Recorder for recording requirements and fee information.
- Franklin County Auditor for parcel data, assessed values, and historical tax bills.
- Franklin County Treasurer for tax due dates and billing cycles that affect prorations and escrow.
- Your lender and a local title company for up-to-date loan fees, title premiums, and settlement charges.
Ready to plan your closing costs?
Buying in Reynoldsburg should feel exciting, not confusing. With clear estimates and a local team guiding each step, you can move forward with confidence. With nearly $294M in lifetime sales and more than 1,700 homes sold, our team brings proven systems and local expertise to help you understand your numbers, negotiate smartly, and close smoothly.
If you are mapping out your budget or want a second set of eyes on your Closing Disclosure, connect with Kim Kovacs and Partners, Coldwell Banker Realty for calm, clear guidance tailored to your goals.
FAQs
How much are buyer closing costs for a $350,000 home in Reynoldsburg?
- As an illustrative estimate, budgeting 2% to 5% suggests about $7,000 to $17,500 in closing costs, excluding your down payment. Ask your lender and title company for exact figures.
Who pays title insurance in Ohio purchases?
- Lenders typically require a lender’s policy that buyers pay. The owner’s policy is negotiable and may be paid by the seller or buyer depending on local custom and your contract.
Does Franklin County charge a transfer tax?
- Ohio does not impose a broad statewide transfer tax like some states, but local recording and conveyance fees may apply. Your title company will confirm your property’s county and municipal requirements.
How are property taxes prorated at closing in Franklin County?
- Taxes are prorated based on the closing date and the local billing calendar. Review parcel data with the Franklin County Auditor and confirm billing cycles with the Treasurer to understand your share.
When will I see my final cash-to-close number?
- Your lender must provide a Closing Disclosure at least 3 business days before closing. Compare it to your Loan Estimate and ask your lender and title company to explain any changes.
Can a seller cover my closing costs in Reynoldsburg?
- Yes. Seller concessions are common and can cover some buyer closing costs, subject to your loan program’s rules. Your agent can help you structure a compliant offer.
