If you’re trying to estimate your home selling closing costs in Northern Virginia, this article will give you a good idea of what to expect. In the state of Virginia, sellers and buyers pay their own separate closing costs. With the exception of real estate commissions, the other closing costs for sellers are a lot cheaper than closing costs for buyers.
Home Selling Closing Costs Summarized
- Real estate commission – The seller pays the listing agent’s brokerage a negotiated commission, and the listing brokerage uses that commission to pay both the listing agent and the buyer’s agent’s brokerage.
- Title work: around $700
- Grantor’s fee and congestion relief fee (government taxes) – combined cost of $2.50 per every thousand in sales price. So, if your house sold for $500,000, these fees would amount to a total of $1,250.
- Home warranty (if you decide to pay for a home warranty for the buyers) - $400 - $500.
- Pest inspection (sometimes this is paid for by the buyer, but sometimes, the buyer negotiates for the seller to pay for it) - $35 - $50.
- Any prorated property taxes that are due – Since these are paid at settlement, you can call this one of your home selling closing costs, but in reality, this is just the process of making sure that the seller pays only the amount of property taxes that are due leading up to settlement, and the buyer pays only the property taxes that are due from the date of settlement on. This number will totally depend on the amount of taxes you already paid on the date that you last paid your property tax bill, etc.
Do you have any questions about home selling closing costs or real estate commissions? Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com.