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Disclaimer: These are estimates only. Actual closing costs vary by lender, title company, state/county, and closing date. Your Loan Estimate (TRID) is the source of truth.
Minnesota Closing Costs Breakdown
Closing costs in Minnesota typically range from 2% to 3.5% of the purchase price. For a median-priced home near $358,000, buyers should budget $7,160 to $12,530 at closing, with a deed tax, a mortgage registry tax, and competitive but present title insurance premiums all contributing to the total.
Transfer Taxes & Fees
Minnesota charges a deed tax of $1.65 per $500 of the net consideration (0.33%), paid by the buyer. Additionally, Minnesota has a mortgage registry tax of $2.23 per $500 of the mortgage amount (0.23% on mortgages up to $500,000), also paid by the buyer. Combined, these two taxes can add over 0.5% of the purchase price to buyer closing costs.
Attorney Requirements
No, Minnesota is a title company state. Licensed title companies and abstractors handle real estate closings. Buyers are not required to hire an attorney, though many choose to do so for complex transactions. Minnesota has a well-organized title industry with competitive pricing.
Local Quirks & Need-to-Know
Minnesota's mortgage registry tax is paid by the buyer and is in addition to the deed tax, creating a two-tax burden that few buyers anticipate. The Twin Cities metro area commands higher home prices than the state median, affecting title insurance and recording costs. Minnesota also collects a first-half property tax in May and a second-half in October, which affects prorations depending on the closing date.