Closing costs in Mississippi: what buyers and sellers pay

Why there is no single “typical” total

Some closing costs are set by government. In Mississippi, the clearest one we could read is the chancery clerk’s recording fee. Others come from private companies and vary with the loan, the contract and the closing date: lender fees, appraisal, inspection, survey, title work and brokerage compensation. We did not find a state-set title insurance premium schedule, so we do not quote one.

The variable pieces appear on two federal forms. A lender must give you a Loan Estimate within three business days of receiving your application. You must receive the Closing Disclosure at least three business days before you close (Consumer Financial Protection Bureau). Compare lenders on the Loan Estimate. For a walk-through of each line, see closing costs explained.

Line by line: what each cost is

Lender charges. Origination, appraisal, credit report and underwriting fees are set by the lender and the firms it hires. No Mississippi rate table applies. See what a home appraisal costs.

Title work and title insurance. A title search and an owner’s policy protect you against defects in the ownership record. We did not find an official Mississippi premium schedule, so ask for quotes. Our title insurance guide explains the policies.

Recording fees. The chancery clerk of the county records the deed and the deed of trust. Under § 25-7-9, recording a deed, deed of trust, release or cancellation costs $25 for the first five pages and $1 per extra page. Certifying a copy costs $1. The clerk may demand the fees before recording and must itemize them on the document.

Transfer tax. None found. The Department of Revenue’s overview of the taxes it administers does not list one, and § 25-7-9 lists fees only. See the Mississippi transfer tax page.

Survey and inspection. Prices are set by the provider. See what a land survey costs and what a home inspection costs.

Attorney. An attorney’s fee, if you hire one, is set by the attorney. See Mississippi real estate attorneys.

Property tax and escrow. Mississippi property tax is due on or before February 1 for property assessed the preceding year (Department of Revenue). The contract decides how the tax is split between buyer and seller at closing. If your lender collects taxes and insurance monthly, you fund an escrow account at closing. See Mississippi property tax.

Brokerage compensation. It is negotiated and agreed in writing. See real estate commission.

Who pays what in Mississippi

The sources we read do not assign these costs to buyer or seller. The purchase contract does. Read the contract before you sign and compare it with the Closing Disclosure.

One date matters for the buyer. To claim the homestead exemption for a year, you must own and occupy the home on January 1, and the Department of Revenue says the deed must be on file with the chancery clerk before January 7. Applications go to the county tax assessor between January 1 and April 1, and the Department lists the closing statement among the documents to bring.