Seller closing costs for a home sale in Virginia include a number of standard items. These are generally administrative and documentation fees as well as inspection fees and any local taxes. You will generally pay a transfer or grantor’s tax, deed preparation, settlement and recording fees, title insurance and termite inspection, and sometimes other fees that may not apply to all, such as well or septic inspection and congestion relief tax. You’ll also pay off any existing mortgage on the home. See the example below for the estimated closing cost for a home selling for $500,000.Usually, the single largest fee in the sale of a home are the real estate brokers commissions, typically totalling 6% of the selling price. We explain below how you can cut that 6% fee in half by selling your home with our flat fee broker MLS listing For Sale by Owner program.
Don’t be surprised by how much you have to pay when you close the sale of your home. Be sure to get an estimate before you put your home on the market. Did you know that the largest amount on your closing documents is usually the combined seller and buyer real estate agent fees? Each agent is usually paid 3% of the selling price of the home. That’s 6% deducted from the proceeds of the sale, in addition to the taxes, inspections and other closing costs, such as those listed below.
There is a way to eliminate the seller agent fee of 3% when you sell your home For Sale by Owner. With a flat fee broker, it’s easier than you think and for a small flat fee, you still get a professional MLS listing to market your home in the same online listings as your competition. You get everything you need tp list, market and sell your home from our experienced, licensed Virginia real estate brokerage. View our videos to better understand how the process works and what you can expect at close.