Both buyers and sellers in our area will pay closing costs in a real estate transaction. We've broken down each cost that each party will incur in a real estate transaction.
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If you're a home buyer or seller in Northern Virginia, Maryland, or Washington D.C., you'll have to pay closing costs. What are they? Who pays what?
As a buyer, you'll have to pay a loan origination fee, any discount points to the lender, title insurance, appraisal, surveys, homeowners insurance, and government recording fees. For example, if we're talking about a $500,000 house, your closing costs will amount to about $15,000.
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If you're the seller, your biggest chunk of closing costs will go to a broker fee. Then, you will pay transfer taxes and a fee to the title company to record the deed and pay off your mortgages. Title company fees can range from $750 to $850. For that same $500,000 house, as a seller, you're looking at about $33,000 in closing costs.As a seller, the biggest closing costs you'll incur are broker fees.
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I hope this gives you a good understanding of what closings costs are. If you have more specific questions about closing costs in your particular area, give me a call or send me an email. I'd be happy to answer any and all of your questions!
