Closing Costs

Closing Costs

  • Annie Junker
  • 02/8/24






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Closing Costs

Closing costs are the expenses beyond the actual price of the property that buyers and sellers incur to complete the sale. These costs can vary significantly based on several factors including location, the property's value, local regulations, and negotiations between the buyer and seller. Here are some common closing costs and how they can vary:

  1. Loan-Related Costs:

    • Origination Fees: These are fees charged by the lender for processing the loan. They might be a percentage of the loan amount or a flat fee.
    • Appraisal Fees: Lenders usually require an appraisal to assess the property's value, and this cost can vary based on the property's size and location.
    • Credit Report Fees: Lenders pull credit reports, and this fee can vary slightly among credit reporting agencies.
    • Points: Sometimes buyers pay points to lower the interest rate on the loan. Each point is typically 1% of the loan amount.
  2. Third-Party Fees:

    • Title Search and Insurance: This ensures that the property has a clear title. Costs vary based on the property's value and the insurer.
    • Attorney Fees: In some states, attorneys are involved in the closing process, which incurs fees that can vary by attorney and complexity of the transaction.
    • Escrow Fees: Escrow companies charge for their services to hold funds and oversee the closing process.
  3. Taxes and Prepaid Items:

    • Property Taxes: The buyer might need to pay a prorated amount of property taxes at closing.
    • Homeowners Insurance: Buyers often need to prepay a year's worth of homeowners insurance at closing.
    • Prepaid Interest: This covers the interest that accrues between the closing date and the date of the first mortgage payment.
  4. Miscellaneous Fees:

    • Recording Fees: Charged by the local government for recording the deed and other documents.
    • Home Inspection: While this isn't always a closing cost, if it happens close to closing, it might be included.
    • Home Warranty: Sometimes buyers ask for a home warranty, which covers certain repairs for a specific period after purchase.

These costs vary by location and can be influenced by negotiation. In some cases, sellers might agree to cover some of the closing costs to entice buyers, or buyers may negotiate with the lender for lower fees. In different states or countries, the party responsible for certain fees can also vary.

It's advisable for both buyers and sellers to carefully review the estimated closing costs provided by their real estate agent or lender and ask questions to understand the breakdown of these expenses before the closing date.

If you have any questions about closing costs don't hesitate to reach out! 
804-350-0879 | [email protected] |


It is my responsibility as your REALTOR® to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.

If you would like to know more about the current market, or if you have any general real estate questions, call or text me on my cell phone at 804-350-0879 or you can email me at [email protected].

If you are looking to begin a home search, visit my website to get started!

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Additional resources
We are select partners with REALM and Leverage Global Partners. What does this mean for you as our client? If you are looking to relocate or buy a second home in an entirely different city (or on a different continent!), Small and Associates has you covered. As a member of these exclusive networks, we work with other like-minded agents and to put you in touch with the right REALTOR® outside of the Central Virginia area. If you or someone you know has been considering a unique move, let us be your guide.
To learn more, click the links below:
In addition to being a partner to two exclusive global networks, I am a proud member of the Institute for Luxury Home Marketing and am a Certified Luxury Home Marketing Specialist. This means that I will market your property to the highest standards with access to the latest trends in the industry. I am the only Real Estate professional in the Central Virginia area with this designation!
Are you interested in buying a second home but, aren't ready to fully commit to another property? As a part of our partnership with REALM, we can direct you to properties all over the world with Pacaso. Pacaso is Luxury Co-Ownership where you have the ability to  own a second house for 1/8 of the cost. Click here to learn more and to start shopping!
Are you looking for your own slice of "La Dolce Vita"? Small and Associates has the connections to make it happen. We have personal contacts with firms in Italy and would be happy to help with your home search and make an introduction!
Client Testimonial: Click the link below to hear from Sarah Merriman, a client of Chris Small. Thank you for your kind words Sarah! It's always been an honor to help you with your Real Estate goals.
Client Testimonial from Sarah Merriman
The Chris Small Group at Small and Associates
At The Chris Small Group, we embrace today's dynamic Real Estate market with fresh and strategic approaches to deliver optimal results. Our mission is to craft customized marketing plans that align precisely with the current market landscape. We commit to delivering exceptional outcomes that resonate with trends and buyer preferences. With our unmatched understanding of market dynamics, we ensure our clients' homes stand out and captivate potential buyers. Trust our expertise to maximize your property's exposure and generate genuine interest. Choose The Chris Small Group and experience the transformative power of our innovative and market-savvy approach in today's evolving real estate landscape.
A Story of a Sale: 3301 West Franklin Street
Chris Small, Broker | Owner
Luxury Real Estate Specialist

804-350-0879 | [email protected]
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