Closing costs you should expect

There are certain basic expenses related to closing the sale of a house. These expenses are commonly divided between the buyer and seller, as spelled out in the sales contract. Many are conventional, but there are nuances to each, so you'll want a real estate expert in Virginia to help show you through your deal.

Costs pertaining to your mortgage to be paid at closing    (Click here for details)

  • Points (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account

At closing, these taxes are usually paid    (Click here for details)

  • Property Taxes
  • Transfer Taxes and Recording Fees

At closing, these fees are often due    (Click here for details)

  • Homeowners Insurance
  • Flood or Quake Insurance (optional)
  • Private Mortgage Insurance (PMI) (optional)
  • Title Insurance

Sellers: As we get through the details of your sale, I'll not only work to get the optimal sales price, but I'll also push for limited closing costs. And once we've come to an agreement, I'll fully explain the closing costs so you are aware of exactly where your money is going.

Buyers: If you are buying a house in Gloucester County, you'll be given a "Loan Estimate" (LE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer's prior experience and is required to be within an acceptable range so you're not shocked when you show up at the closing table. I'll be glad to go through the LE with you, answering your questions and highlighting any estimates that seem unusual.

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