Instead of accepting an offer of $95,000 for your $100,000 house, for instance, you might accept $100,000 and pay the buyer’s closing costs of $5,000. Cost of Obtaining Buyer’s Consents. Closing costs are one of the biggest hurdles for first time home buyers. A big chunk of your closing costs as a buyer are represented by the fees associated with getting your loan, title insurance, and government taxes. It's also important to note that your actual closing costs will vary from one locale to the next, and that your real estate professional should be able to give you a list of costs for the property you're buying.Â, When it comes to things such as appraisal, survey, and property inspection, it's worth shopping around, just as you would with your insurance. to. Closing costs are incurred by either the buyer or seller, often depending on what state and county the sale were made. Seller pays $3,300 transfer tax. Now that we know the names and description of the closing costs that are available, let’s walk through an example and break down the math: The following closing cost estimate is based on a Fairfax County, single-family home with a sales price of $500,000. Other fees, such as attorney's fees, can also vary, depending on location and the extent of the services the buyer requires. The buyer historically legally chooses the settlement company in Virginia, but many times the seller can choose to do their side of the settlement with … And, as with many other fees, in various circumstances the buyer may negotiate all or part of the cost to be paid by the seller. On a $300,000 house, we assume $9,261 in closing costs (about 3.4% of the loan's value). Taxes are collected on a semi-annual basis. ClosingCorp averaged statewide data for 1.6 million single family homes in 2019. Every Real Estate transaction is different and the results vary from client to client. Your Title Company will provide the Final Cost Estimate. Home appraisals, transfer taxes, home inspections, title examinations, and property taxes are some of the fees from your closing costs. We do not take responsibility for errors present in this spread sheet, but we do take every effort to insure the figures are accurate. The local government receives a total of $6,600 in transfer & recordation taxes. Buyer's Estimate of Closing Costs. Escrow fees: $1200; Title fee – County recording fee: $50; Total Closing Costs: $1,250 (not including HOA fees and property taxes) The Bottom Line. According to About.com, as a cash-in-hand buyer, you are free from the closing costs associated with taking out a mortgage, but you will be expected to cover at least some of the costs related to escrow; document-transfer tax; local property taxes; appraisal; recording and notary fees; and some types of inspections. But this payment is included in the escrow paid by the buyer before the closing, and then is deducted from the seller’s proceeds. Virginia closing costs | Transfer taxes & fees 2011 . Closing cost stats in West Virginia Across the state, the average home sells for between $100,000 and $200,000. Costs you can shop for amount to about $7,600, while fixed … You may be able to save a few bucks here or there, but it's probably more important to consider the quality and reputation of the professional you hire as much as saving money. If you are doing any financing on the lot, you will need to check with the mortgage company to get a list of their fees. Simply enter the property sale (or list) price, and adjust the closing costs if necessary. Calculate the buyer's closing costs. A direct cash home buyer like our company will not charge you a real estate listing commission as they are not a real estate agent selling your home, but rather a buyer of your home. For example, on a $300,000 property, you would want to budget $8000 plus your down payment. Normally, the buyer pays for title insurance (based on the value of the property). The figure in this spread sheet is base on an estimate of previous transactions. This leaves you with $3,000 worth of closing costs you still need to pay for. Your Title Company will provide the Final Cost Estimate. More on buyer closing costs later. 🏡Closing Fee: The closing fee can actually be negotiated on your real estate transaction. The local government receives a total of $14,500 in transfer & recordation taxes. Your Title Company will provide the Final Cost Estimate. Other popular closing time frames are 45 and 60 days, which are agreed upon by the buyer and seller, and usually chosen to align with relocation plans or another real estate purchase. This article is part of The Motley Fool's Knowledge Center, which was created based on the collected wisdom of a fantastic community of investors. 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