Legal & Financial Advice

Closing costs in Spokane typically range from 2-5% of the home’s purchase price. Buyers face fees like title insurance, appraisals, and lender charges, while sellers often cover commissions and transfer taxes. Hiring a local real estate attorney ensures compliance with Washington state laws, preventing costly errors.

Spokane’s competitive market demands pre-approval. Local credit unions, like STCU, offer rates as low as 6%, below national averages. First-time buyers can explore FHA or VA loans, which require lower down payments. Work with a mortgage broker to compare options and lock in favorable terms.

Washington law mandates a Seller Disclosure Statement, detailing any known property issues, such as structural defects or past repairs. Buyers should review this carefully and hire a licensed home inspector to uncover hidden problems. Our team can recommend trusted inspectors in Spokane.

Sellers in Spokane may face capital gains taxes if their home’s value has significantly appreciated. Buyers should also consider property tax rates, which average 0.98% in Spokane County. Consulting a tax professional can help both parties plan for financial obligations.

Contingencies, like financing or inspection clauses, protect buyers but must be carefully negotiated in a seller’s market. Sellers should ensure their contracts are clear to avoid disputes. Our realtors guide clients through crafting offers that balance security and competitiveness.

Spokane’s urban growth boundaries and zoning regulations can impact property development. For example, restrictions in historic districts like Browne’s Addition may limit renovations. Buyers and investors should research zoning laws to understand future potential or limitations.

Missteps like skipping title insurance or ignoring HOA rules can lead to legal headaches. Ensure all agreements are in writing, and review HOA bylaws for properties in planned communities. Our team provides checklists to keep your transaction smooth and compliant.