Closing Costs in Virginia: A Guide for Sellers
Disclaimer: This article provides estimates of a seller’s closing costs that are meant for educational and research purposes only; our calculations are not a guarantee.
When selling your Virginia home, knowing the full scope of your closing costs in Virginia is essential.
Closing costs are various fees and expenses that sellers incur while finalizing a real estate transaction.
This guide will provide insights into how closing costs function in Virginia and what sellers can expect to pay. These costs can include things like title insurance and transfer taxes.
This guide will help you better prepare for the financial aspects of selling your property and garner a strong understanding of what you’ll owe.
What are closing costs?
Closing costs are the fees and expenses paid when finalizing the sale of your property. These costs can cover any number of items, including property taxes, insurance, and other standard fees that most homeowners and sellers encounter. Additionally, there are specific costs like transfer taxes, which can vary significantly based on the location of your property at the time of sale.
Mortgage/Loan payoff amount
When selling your home, one of the main expenses you’ll need to address is the loan payoff amount. This amount includes the remaining principal balance on your mortgage and any accrued interest over the life of the loan.
Before you can finalize the sale, this balance must be settled in full. The loan payoff amount is essentially the remaining debt on your mortgage, including any additional fees required to complete the loan terms.
Property taxes
According to WalletHub, Virginia ranks 19th in the country in terms of property taxes, placing it above cities like Georgia, which is 25th.
Real estate in Virginia is taxed at a rate of 0.76%, with a median home value of $339,800. To get a better idea of what you might owe, consult a property tax calculator.
