Closing Costs in Virginia: Buying Your New Home

Closing Costs in Virginia: Buying Your New Home

During a home sale, closing costs are part of the real estate transaction. It is important to understand this cost whether you are buying or selling a home, as you should be sure to budget for these additional fees.

What Are Closing Costs?

In addition to the down payment on a home, both the buyer and seller have certain fees they need to pay for the real estate transaction. The closing costs cover different transactions for the buyer and seller. These are paid as part of the home purchase during the closing meeting with attorneys.

During the sale of a home, these fees will go to the lender and to third parties for services like title transfer and inspection. Typically, closing costs are about 3 to 6% of the sale price of the home. The average closing costs in Virginia, including taxes, is about $6,200.

Here’s a breakdown of who pays closing costs in Virginia. 

Closing Costs For Buyers

For the buyer, closing costs go to your lender to fund your home loan. They also cover fees such as the appraisal or inspection.

Other fees typically included in closing costs are:

  • Application fee

  • Credit reporting fees

  • Escrow funds

  • Homeowners insurance

  • Private mortgage insurance

  • Property taxes, and more

Closing Costs For Sellers

Seller closing costs in Virginia cover commission for the Real Estate Agent. Other fees included in a seller’s closing costs are transfer tax, title insurance, HOA fees, and more. 

Sellers also might agree to pay part of the buyer’s closing costs to make the home purchase more enticing. This is called seller concessions. Sellers can pay a certain percentage of the closing costs to assist the buyer.

Remember to Budget for Closing Costs

Be sure to familiarize yourself with closing costs and the fees that it includes. This will help to make buying and selling a home much easier. 

Buying a house is exciting, but the process also can be overwhelming. A qualified real estate agent can help you along your journey.

Contact the team at Denise Ramey Real Estate today.

Work With Us

The team at Denise Ramey Real Estate has extensive experience in the local market in Central Virginia and the Charlottesville area, allowing you to enjoy a more simplified process. We handle everything in-house, from the first steps of your search through to the final details of the transaction. We leverage our extensive network to benefit buyers and sellers alike, ensuring that your transaction is as simple as possible.

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