Don't forget to factor in closing costs when considering a home sale or purchase. William E Wood and Associates is seasoned at helping both buyers and sellers when it comes to closings. E-mail or call us today at 757-481-3710 if your needs include a real estate pro experienced in the business side of real estate.

Anticipated closing costs

There are certain typical expenses associated with closing the sale of a house. These costs are often split between the buyer and seller, as dictated in the sales contract. Many are universal, but there are nuances to each, so you'll want a real estate expert in Virginia to help guide you through the process.

Closing costs that are tied to financing    (Click here for more information)

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

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

  • Property Taxes
  • Transfer Taxes and Recording Fees

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

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

Sellers: As we get through the details of your deal, not only will I work to get the very best sales price, but I'll also campaign for limited closing costs. And once we've arrived at an agreement, I'll explain in detail the closing costs so you are aware of exactly what you're paying for.

Buyers: If you are buying a house in Virginia Beach City County, you'll get a "Good Faith Estimate" (GFE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer's past experiences and is required to be within an appropriate range so you're not stunned when you arrive at the closing appointment. I'll be glad to go over the GFE with you, answering your questions and highlighting any estimates that seem unusual.

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