Real Estate Closing Costs
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The pages pictured below provide a general idea of closing costs in the Richmond/Central Virginia area*. Yours may vary depending on the facts. Please note that more up to date figures as to the attorney’s fees and settlement agent figures in Item C on the first page below can be found here: Click here for updated attorney’s and settlement agent fees.
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The amounts set forth below may well be slightly out of date. Settlement costs and expenses have generally increased because of recent inflation. However the information on the sheets below are useful in terms of providing a checklist of the costs normally incurred by the parties at a real estate closing. The type of real estate involved (commercial, residential etc), what the real estate contract provides all may change the amounts of some of these line items or eliminate them all together. In short, the information contained below is not binding. Moreover, we have no control over these costs (other than our attorney’s fees.
Real estate brokerage commissions. Please note that because of recent court rulings in 2024, big changes may be coming in the way real estate brokers and agents charge for their services. In other words, the commissions and fees charged by real estate brokers and agents might very well change (and perhaps in the consumer’s favor). Those changes are not reflected in the figures below.
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NOTE: Regarding especially item C on the above page, please: .Click here for updated attorney’s and settlement agent fees
Please note that there is an omission on the above page. Please remember to include (add in) your homeowner’s association and/or condominium dues when figuring your monthly mortgage payment. This will also be an additional expense to cover when calculating closing escrows.
Please note that there is an omission on the above page as well. Please remember to include (add in) your homeowner’s association and/or condominium dues when figuring your monthly mortgage payment. This will also be an additional expense to cover when calculating closing escrows.
Below is a sample of the closing costs incurred in September of 2021:
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SAMPLE CLOSING COSTS
(September 2021)
Price $260,000 Loan $247,000
Appraisal $525
Credit Report $25
Flood Certification $11
Tax Service $75
Tech Platform Svc 94
E-recording 10.00 Simplifile
Impounds Escrow
Homeowners Ins 3 mo
RE taxes 4 mo
Collected pro rata RE taxes from Buyer $
Title Charges
Lender policy 754 title co
Owner policy 536 title co
Binder 50 title co
Closing protection leter 35 title agy
Recorder 48 law firm
Rundown fee 33 title agy
Search fee 140 title agency
Settlement fee 765 law firm buyer (Legal Fee)
Deed prep 125 seller lawyer (Legal Fee)
Settlement svc 300 escrow co. seller
Real Estate Commission ? 3 to 6%
Buyer pays
Seller pays
Record Deed 47
Record Deed of Trust 60
City Stamps Deed 217
City stamps Deed off Trust 205
State Stamps deed 650
State stamps deed of trust 616
OTHER CHARGES
Homeowners insur 12 mo 2,195 (whole year)
Prepaid interest date of closing to first day of next month
Pest 75
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* The information on this page is designed to provide only general information for the City of Richmond, Virginia and surrounding counties/localities such as Chesterfield, Henrico, Hanover, Powhatan, New Kent, Goochland, Colonial Heights and Hopewell.