Question 1

How much are closing costs in New Hampshire?

Accepted Answer

Buyer closing costs in New Hampshire typically range from 2.7% to 4.2% of the home price. Seller costs (including agent commissions) are usually 6-10%. On a $400,000 home, buyers can expect $10,800 to $16,800 in closing costs.

Question 2

Does New Hampshire have a transfer tax?

Accepted Answer

Yes, New Hampshire charges a real estate transfer tax of $15.00 per $1,000 of sale price. On a $400,000 home, the transfer tax would be approximately $6,000. Transfer tax is split equally between buyer and seller at $7.50 per $1,000 each.

Question 3

Who pays for title insurance in New Hampshire?

Accepted Answer

In New Hampshire, title insurance costs are typically split between the buyer and seller. However, this can be negotiated as part of the purchase agreement.

Question 4

Can I negotiate closing costs?

Accepted Answer

Yes, many closing costs are negotiable. You can ask the seller for a closing cost credit, shop around for title insurance and settlement services, negotiate lender fees, and compare loan estimates from multiple lenders. In a buyer's market, sellers are more likely to agree to cover part of your closing costs.

Question 5

Are closing costs tax deductible?

Accepted Answer

Some closing costs are tax deductible. Mortgage interest (including prepaid interest), property taxes, and mortgage points are generally deductible on your federal tax return if you itemize. Transfer taxes, title insurance, and most other closing costs are not deductible but may be added to your cost basis for capital gains purposes when you sell.

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