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Closing Costs

Technically, closing costs are only those customary and reasonable fees and expenses necessary to transfer real property from a seller to a buyer in a purchase transaction; or to close the mortgage in a refinance transaction, however, many people use the phrase to mean all expenses associated with a closing with the exception of the actual purchase price of the property, tax service fees, and any lender fees if applicable.

In most instances, it is common practice to specify the costs associated with each side of the real estate transaction and the proration of property taxes, transfer taxes, and Homeowner Association (HOA) fees.

Following is a sampling of the most common settlement costs.* *It is important to note that each jurisdiction is different. Contact the Sage Title Group, Sage Premier Settlements, or affiliate Mid States Title of Southwest Virginia office location nearest you for more information* (locations)

  • Preparation of closing documents
  • Deed preparation
  • Expenses associated with clearing title defects, such as preparation of affidavits or quit- claim deeds
  • Title inspection
  • Owners' title insurance
  • Lender's title insurance
  • Lender-required policy endorsements
  • Homeowners Insurance
  • Appraisal
  • Deed recordation fees
  • Mortgage recordation fees
  • Transfer taxes (*Differs from jurisdiction to jurisdiction)
  • Closing agent fees
  • Transfer fees imposed by condominium, homeowners associations, or co-op boards
  • Cost of survey
  • Prorated real estate taxes, insurance, and/or dues