Closing Costs in Oklahoma
The average closing cost in Oklahoma is $13,056, which is 5.97% of the home price. Oklahoma's transfer tax rate is $0.75 per $500.
Avg Closing Costs
$13,056
As % of Price
5.97%
Transfer Tax
0.15%
Attorney Required
No
Closing Cost Breakdown for a $218,822 Home
| Item | Estimated Cost |
|---|---|
| Loan Origination Fee (1%) | $1,751 |
| Appraisal Fee | $500 |
| Credit Report | $50 |
| Title Search & Insurance | $1,094 |
| Transfer Tax | $328 |
| Recording Fees | $150 |
| Home Inspection | $400 |
| Survey | $350 |
| Attorney Fee (optional) | N/A |
| Prepaid Property Tax (2 months) | $281 |
| Prepaid Homeowners Insurance (1 year) | $656 |
| Prepaid Interest (15 days) | $468 |
| Estimated Total | $6,028 |
* Estimates based on average Oklahoma home price of $218,822 with 20% down payment. Actual costs may vary. Transfer tax, attorney fees, and prepaid items are state-specific.
How to Reduce Closing Costs in Oklahoma
Negotiate Seller Concessions
Ask the seller to cover part of your closing costs. In Oklahoma, sellers can typically contribute up to 3-6% of the sale price toward buyer closing costs.
Shop Multiple Lenders
Origination fees and lender charges vary significantly. Get Loan Estimates from at least 3 lenders and compare the “Loan Costs” section.
Use First-Time Buyer Programs
Oklahoma offers programs like OHFA Homebuyer Down Payment Assistance that can help with closing costs.
Close at End of Month
Closing near the end of the month reduces the prepaid interest charges, which can save you hundreds of dollars.
Legal Context for Oklahoma Closings
Conveyance Document
Warranty deed; quitclaim deed sometimes used
Security Instrument
Real-estate mortgage; power-of-sale mortgage sometimes used
Foreclosure Process
Judicial
Attorney Required
No
Oklahoma uses warranty deed; quitclaim deed sometimes used for property transfers and real-estate mortgage; power-of-sale mortgage sometimes used as the security instrument. While an attorney is not required, you may still choose to hire one.
