Buying or selling in Riverside should feel exciting, not confusing. Yet closing day can surprise you if you do not know which fees show up, who pays them, or how much to budget. You want clear, local guidance you can trust so you walk into the title office confident and prepared. In this guide, you will learn what closing costs include in Riverside, who customarily pays what in Platte County, typical cost ranges, simple examples, and a worksheet structure you can use to estimate your numbers. Let’s dive in.
Closing costs basics in Riverside
Closing costs are the fees to finalize your home purchase or sale. They include third-party services, lender charges, title and recording fees, and prepaid items like taxes and insurance. Some costs are negotiable. Others are set by state or county schedules and can change.
In the Kansas City area, including Riverside, local practice often looks like this: sellers typically cover real estate commissions and the owner’s title insurance policy, while buyers usually pay lender fees, the appraisal, the lender’s title policy, and escrow deposits. These are customs, not laws, so your contract and title company can change the split.
Typical buyer costs in Riverside
Most buyers in Platte County should plan for closing costs equal to about 2% to 5% of the purchase price, not including the down payment. Common line items include:
- Down payment: Not a closing cost, but part of your cash to close. Typical loan options range from about 3% to 25% or more.
- Loan origination and lender fees: Usually 0% to 1% of the loan amount for origination, plus underwriting or processing fees that vary by lender.
- Discount points: Optional. One point equals 1% of the loan amount to reduce your rate.
- Appraisal: Often 400 to 800 dollars for a single-family home, depending on size and complexity.
- Credit report: Commonly 25 to 50 dollars.
- Title-related buyer items: Lender’s title insurance policy and title search. Combined title search, closing, and escrow fees often run several hundred dollars up to about 1,500 dollars, depending on price and title company.
- Owner’s title insurance policy: In many Missouri transactions, sellers pay this. Confirm what your contract specifies.
- Recording fees: Small flat fees per document to record the deed and deed of trust. Amounts are set by the county schedule.
- Escrow deposits: Lenders typically collect 1 to 3 months of taxes and insurance at closing to seed your escrow account.
- Homeowner’s insurance: Usually your first annual premium at closing. Amount varies by home and coverage.
- Prepaid interest: Interest from your closing date to the start of your first monthly payment.
- Mortgage insurance: If you put less than 20% down on a conventional loan, expect monthly PMI. FHA loans include an upfront mortgage insurance premium that is typically 1.75% of the loan amount. Confirm current rules with your lender.
- Survey, HOA, and other fees: If required, include survey, HOA transfer or estoppel fees, flood certification, wire and courier fees.
Typical seller costs in Riverside
Seller costs are largely driven by commission, title fees, and any negotiated credits. Sellers in many markets pay around 6% to 10% of the sale price in total costs, depending on commission, repairs, and other items. Common line items include:
- Real estate commission: Often 5% to 6% of the sale price in total, split between listing and buyer’s brokers. Your agreement sets the final amount.
- Owner’s title insurance premium: Commonly paid by the seller in many Missouri and Kansas City metro transactions. Cost is price-based.
- Title and closing fees: A seller-side closing fee may apply. Some fees are split between buyer and seller.
- Existing mortgage payoff: Your loan balance is paid in full at closing. Payoff and lien release fees may apply.
- Prorated property taxes and HOA dues: You reimburse the buyer for the period after closing if you have already paid. Proration depends on tax cycles and contract terms.
- Repairs or credits: Any agreed repairs or concessions after inspections.
- Transfer or local fees: If any transfer or conveyance taxes apply, they may be charged at closing. Verify the current local rules.
How much to budget
- Buyers: Budget about 2% to 5% of the purchase price for closing costs and prepaids, plus your down payment. The low end fits lean lender fees and minimal escrows. The higher end often includes points, larger escrow deposits, or higher title and insurance costs.
- Sellers: Budget about 6% to 10% of the sale price. Commission is the largest piece. Title fees, prorations, and any credits or repairs will affect your total.
Local amounts can change, so confirm current recording fees, title premiums, tax schedules, and lender charges before you finalize your numbers.
Example: First-time buyer at 300,000 dollars (illustrative only)
Assumptions: Conventional loan with 3.5% down, commonly seen buyer-paid items, and average estimates in Riverside.
- Down payment: 10,500 dollars
- Lender fees and third-party charges: About 2,175 dollars in origination and processing (0.75% of loan) plus a 600 dollar appraisal, totaling roughly 2,775 dollars
- Title and escrow, lender’s policy: Estimate 1,200 dollars
- Prepaid homeowner’s insurance: 1,200 dollars
- Escrow seed for taxes and insurance: 1,200 to 2,500 dollars
- Prepaid interest: About 300 dollars
Estimated buyer closing costs excluding down payment: about 6,675 to 8,000 dollars, which is roughly 2.2% of the purchase price. Total initial cash including down payment: about 17,175 to 18,500 dollars.
These are examples, not quotes. Ask your lender for a Closing Cost Estimate and your title company for a sample settlement statement to dial in exact figures.
Example: Seller at 300,000 dollars (illustrative only)
Assumptions: 5.5% total commission, seller pays owner’s title premium and typical closing fees, with modest prorations.
- Commission: 16,500 dollars
- Owner’s title insurance and closing fees: 1,200 dollars
- Prorated taxes and HOA dues: 1,200 dollars
Estimated seller closing costs excluding any mortgage payoff: about 18,900 dollars, or roughly 6.3% of the sale price. Your net proceeds also subtract your loan payoff and any negotiated credits or repairs.
Verify local fees in Platte County
Some fees are set by county schedules or state filings. Before you rely on any estimate, contact:
- Platte County Recorder of Deeds for recording fees and document charges.
- Platte County Treasurer or Assessor for tax cycles, due dates, and parcel tax amounts.
- A title company that serves Riverside and the Kansas City metro for current Missouri title insurance premium tables and sample buyer or seller settlement statements.
- Your Missouri-licensed lender or mortgage broker for current interest rates, lender fees, escrow practices, PMI, and FHA specifics.
- Your HOA or condo management company for any transfer or estoppel fees and prorations.
Build your own closing-cost worksheet
You can create a simple spreadsheet to estimate your costs with inputs and formulas you control. Use this structure:
Buyer estimate tab
- Inputs: Purchase price, down payment percent, closing date, interest rate (optional).
- Formulas:
- Loan amount = Purchase price minus down payment
- Prepaid interest = Loan amount × (annual rate ÷ 365) × days to first payment
- Escrow seed (estimate) = Annual taxes ÷ 12 × months collected
- Lines to include: Down payment, loan origination percent, appraisal, credit report, lender fees, lender’s title policy and title fees, owner’s title premium if buyer pays, prepaid insurance, escrow seed, survey, HOA transfer, and other.
- Totals: Closing costs excluding down payment, and total cash needed including down payment.
Seller estimate tab
- Inputs: Sale price, mortgage payoff, commission percent, owner’s title premium, prorated taxes, HOA transfer, repairs or credits, closing fees.
- Formulas:
- Commission = Sale price × commission percent
- Gross proceeds before payoff = Sale price minus commission minus title and closing fees minus prorations
- Total: Net proceeds after subtracting payoff.
Examples tab
- Pre-fill a 300,000 dollar purchase and a 450,000 dollar purchase using the conservative estimates above so you can compare scenarios.
Local verification tab
- Add phone numbers and contact names for the Recorder of Deeds, Treasurer or Assessor, two title companies, and a lender.
Ways to reduce buyer closing costs
- Shop at least two lenders for origination fees and rate options.
- Ask about lender credits in exchange for a slightly higher rate.
- Negotiate seller-paid closing costs if the market and loan rules allow it.
- Compare title and escrow fees across local title companies.
- Skip discount points unless the breakeven fits your timeline.
Loan programs limit how much a seller can contribute toward buyer costs, so confirm caps with your lender.
Prorations and timing tips
Property taxes and HOA dues are typically prorated at closing so each side pays only for the period they own the home. If taxes are paid in arrears or on a specific cycle, your prorations will reflect those rules. Your title company and lender will calculate these for your settlement statement.
Your next step in Riverside
You deserve a calm, clear path to the closing table. With boutique, hands-on guidance and deep Northland knowledge, you can make smart choices about fees, proration, and timing whether you are buying in Riverside or selling to move across the Kansas City metro. If you want a tailored closing-cost estimate and coordination with trusted local lenders and title partners, reach out to Carma Goin. Schedule Your Free Consultation.
FAQs
What are typical buyer closing costs in Riverside, MO?
- Buyers usually pay about 2% to 5% of the purchase price in closing costs and prepaids, not including the down payment.
Who usually pays the owner’s title policy in Platte County?
- In many Missouri and KC metro transactions the seller pays the owner’s title policy, but confirm the contract and local title company practice.
Are there transfer or conveyance taxes for Riverside, MO closings?
- Transfer and local fees vary by area; confirm current rules and any charges with the Platte County Recorder of Deeds or Treasurer.
How are property taxes prorated at closing in Platte County?
- Taxes are typically prorated so the buyer pays from the closing date forward; the title company calculates this based on the county’s tax schedule and your contract.
Can a seller help pay a buyer’s closing costs in Riverside?
- Yes, seller credits can be negotiated, but loan rules limit seller contributions by loan type, so check caps with your lender.
What document lists all buyer closing costs before closing?
- Your lender provides a Closing Disclosure that itemizes every charge; sellers receive a separate settlement statement.
How can I get accurate Riverside numbers for my situation?
- Ask your lender for a detailed estimate and your title company for a sample settlement statement, then verify recording fees and taxes with Platte County offices.
