Executive Realty
Joe DeChristofaro

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The process of buying a home in Rhode Island can feel overwhelming if not prepared for the process. Often times it’s exciting during the hunt to explore properties and imagine yourself in a new home. Where it can become especially stressful is at the point of the actual purchase. It’s important to be prepared for how much it may cost to make a home purchase, so here we’re going to explore Closing Costs. Apart from the downpayment, closing costs account for 2-5% of the final price.

Not including your downpayment on a home, closing costs usually range between 2-5% of the purchase price. This means if an average home in Rhode Island costs between $300,000-$400,000, you can expect to pay between $2,600-$4600 in closing costs. Of course, this amount depends on the location of the property, municipal rates and more. The text provides in-depth insight into closing costs when purchasing a home in Rhode Island.


What are Closing Costs?

Let’s first understand what Closing Costs are. Closing costs are fees paid to companies and entities when purchasing a home. There are closing costs charged to both the buyer and the seller to compensate the parties involved in handling, funding, and insuring the sale.

These typically include attorney fees, appraisal fees, escrow fees, home inspections, property taxes, application fees, recording fees, homeowner’s insurance and title insurance.

Closing costs are not included in the listed purchase price of a home and can be a surprise to many homebuyers.

Attorney Fees 


Lawyers are used to discharge the title and mortgage of a property. Typically, the company issuing the title hires the attorney, otherwise this cost may fall on the seller. Some buyers prefer hiring an attorney to represent them throughout the buying process, and these attorneys will charge hourly rates.

Appraisal Fee


Appraisal fees are incurred when hiring an appraiser to assess the market value of the property. Lenders require appraisals before issuing a mortgage to protect their investment. If the buyer were to default on the mortgage payments and the property is worth less than the market price, the lender can’t sell the property to recover the balance of the loan. Appraisals typically cost between $300-$500.

Transfer Taxes

Transfer taxes are taxes levied on the transfer of title from the seller to the buyer. It may also be called a documentary transfer tax, State Stamp Tax, Mortgage tax, or stamp tax. Sellers are usually responsible for this cost unless agreed otherwise.
In Rhode Island, transfer taxes cost $2.30 per $500 of the sales price.

Escrow Fee

Escrow fees are charged by a Title company for holding the buyer’s money and the signed deed until the buyer and the seller have completed the entire closing process. This amount varies depending on the title company, and the seller is typically responsible for this cost.

Commitment Fee

A Commitment Fee is paid to the lender for committing to extend the loan.

Property Tax

Property Tax is assessed by the county and the amount varies based on the location of the property. Buyers usually need to pay this cost within 60 days of the purchase of the property.


Buyers should also be ready to pay for outstanding utility bills, or costs associated with transferring utility services from the seller to the buyer. The amount may be prorated up to the date of sale to include the current use. The seller needs to communicate the close of the sale so the utility company can calculate the amount owed during that month.

Flood Certification

Most properties on Rhode Island are located near a body of water. As such, the buyer needs to pay a flood certification fee to find out if the property is located in the flood zone. The fee is less than $15, and the lender may demand that you have a flood insurance policy.

Private Mortgage Insurance

If your downpayment is less than 20%, you will be charged PMI, which stands for Private Mortgage Insurance. This insurance protects the lender in case the buyer defaults on mortgage payments and ends up foreclosing the home. The plan typically costs 0.3-0.5% of the loan.

Tips to Help You Save on Closing Costs

Now that you have a better understanding of what it costs to purchase a home, you may consider ways to help save on this cost. For example, you may choose to have your real estate agent negotiate with the seller to have them pay some of the non-recurring fees, like the brokerage fee, appraisal, flood certification fees, and possibly credit checks.

Another option may include qualifying for programs that help homeowners struggling with homeownership costs. One such program is includes the Housing Network of Rhode Island. This association offers a Down Payment and Closing Cost Assistance Program that may provide up to $3,000 in grants.

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Executive Realty
1 Richmond Square
Providence, RI 02906

What my clients are saying  

Without reservation and to the highest degree, I whole heartedly recommend Joe as a realtor. As a seller, I entered the process a bit weary (having previously encountered realtors who were willing to tell me anything I wanted to hear when I was a buyer years ago). In refreshing contrast, Joe is honest, ethical, patient, and transparent. He is a wealth of knowledge and will advocate for you as his client. There were many roadblocks that arose during the sale of my condo, which Joe was able to expertly navigate.


~ Elisabeth E - Downtown Providence

It was my first time buying a house/condo and Joe was beyond helpful in finding the perfect place for me. Once I did, he advised me on what to offer and I trusted his judgement completely. I would use Joe’s services again in a heartbeat.


~ John B - West Warwick

About a month a go I reached out to Joe as our first step in finding a home. He immediately set us up with an MLS account that sent us listings that were tailored for exactly what we wanted. He was friendly and extremely accommodating. He encouraged us to look at as many homes as we wanted. He was incredibly knowledgeable, researched all the neighborhoods and was detailed oriented in comparing homes. What I appreciated the most was that he never pressured us to rush into buying anything and was able to guide us when it came to putting offers negotiating for the best price. In the end, we found our perfect home faster than expected and under Joe’s advice we were able to put in an offer that was accepted at $30,000 less than the asking price. With his help and great references, we were even able to close on the house in just over 2 weeks! We couldn’t be happier with the house we bought, the money we saved and everything our realtor Joe did for us to make it all happen. Thank you Joe!!!


~ Katherine & Tyler W - North Providence

Joe was incredibly helpful and resourceful when helping me purchase my new home. He went above and beyond to make sure I found the right place at the right price and made sure every detail was to the highest standard. Additionally, Joe is very professional and truly looks out for his clients.


~ Ella C - East Side of Providence

Joe has been amazing!. We felt we really had somebody working with and for us. He is the best real state agent!. Particularly working with him from the distance. He made easy every step for us without making us feel stressed through the process. I would recommend him in a heartbeat!


~ Marta C - East Side of Providence

I have recently had the best experience with Executive Realty and cannot be more impressed with Joe’s knowledge, enthusiasm, professionalism and dedication. He found the perfect condo in Providence for my daughter and provided us with the most amazing contacts from banks to movers to contractors. Without Joe’s amazing efforts, we would still be searching instead of being ready to move in this week. My friends find it amazing that we visited the condo on November 11 and closed on December 12! In fact, what’s even more amazing is that Joe has followed up with us over the past week to make sure everything is going smoothly with my daughter’s move, our contractor, and the condo unit in general. Executive Realty is on the top of my list and I would be happy to recommend Joe to anyone. Having a realtor who knows his stuff and cares about his clients really matters, and that is why I took the time to acknowledge Joe and his business :)


~ Lynne R - Downtown Providence

Joe was extremely attentive and provided an excellent level of service. A true professional, Joe's experience and vast knowledge of the market shined when handling both of our transactions (selling and buying). I would highly recommend Joe to others for their real estate needs.


~ Bob & Joy S - Cranston, RI

I would highly recommend Joe DeChristofaro as a realtor. I worked with Joe for several years as I wanted to purchase a home in a specific area. Joe was very patient and accommodating while we searched for the perfect home. Joe gave great recommendations and even helped point out potential issues with the houses we viewed. I had a great experience with Joe and I would recommend him to anyone purchasing or selling a home.


~ Dave P - Warwick

Joe is just excellent. His expertise in the field is exceptional and he walked me through the process of buying my first home, step by step. He is extremely humble and disarming, making him a very approachable person and so easy to work with. I never hesitated to call or email and he was readily available. I would recommend him without any hesitation to friends and family.


~ Bianca C - Downtown Providence

Joe is an amazing realtor and person! He is knowledgeable, honest and ethical. He helped us from the beginning to find the house we wanted. Even after we bought to house, he still keet in contact with us to make sure everything was okay. And he gave us incredible tips about being a homeowner and a landlord...


~ Tiffany & Efe K - West Warwick

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