The traditional agent commission is 6%, but this can frequently be less. For instance, in a very hot market with low inventory, the sellers agent doesn't have too much work to do and may agree to a 2% or less commission. For a buyer that does all of the research themselves, they may get a reduction in commission from their agent as well. Some agents will even work on a fixed rate instead of a commission.
Other closing costs include:
- Title Insurance: around 0.1-0.5% of the price
- Points or other lender fees (negotiated, 1 point = $1,000)
- Homeowners insurance policy and other insurance policies (ie: flood, earthquake, etc): Varies.
- Interest from the lender between the time that the fund the escrow account and the time that the sale closes (~.01%/day, depends on loan rate)
- deeding recording fees (~$100)
- county transfer taxes (varies based on location)
- property taxes, often due in advance for the current period (varies based on location)
- home warranty: optional, sometimes paid for by seller if negotiated: varies, but roughly a few hundred $$
- escrow fees: few hundred $$
- loan appraisal (distinct from inspection): depends on home size, few hundred $$
There may be other costs that arise which are negotiated between buyer and seller. For instance, a seller may require that the buyer allow them to live in the home for some period after the sale. The buyer may charge the seller rent for this period, which can be just deducted at closing. The buyer may also demand as conditions to the sale that the seller repair certain things, such as code violations. The buyer/seller may negotiate other property as part of the sale such as appliances, furniture, etc.
If the buyer enters into a contract and then withdraws for whatever reason before the purchase closes, depending on the specific contract, the buyer may be responsible for legal damages to the seller. Generally the contract will limit these damages to something like 3% of the sale price.