Closing costs are involved in any Fairfax County Northern Virginia real estate sale, and they’re typically paid by the buyer. It’s good to be familiar with these costs, so you’re not surprised when you show up to the settlement table.
Basically, there are four or five different buckets of closing costs you can expect to pay when you buy real estate in Northern Virginia.
Loan Charges
The first bucket of closing costs includes loan charges, such as loan origination fees, appraisal fees, and underwriting fees. If you’re buying with cash and you don’t have a loan, then these fees won’t apply.
Title Charges
In the state of Virginia, real estate transactions can be closed by a title company or an attorney. Either way, you can expect to pay for the service. Other title charges include title search fees and title insurance.
Escrow Impound Charges
An escrow impound account may be used at loan closing to collect property taxes and insurance, along with your mortgage payment. The process will ensure you don’t miss property tax and insurance payments.
Transfer Taxes
In Northern Virginia real estate settlements, buyers usually pay state and county recording fees and transfer taxes. In Fairfax County and surrounding counties in Northern Virginia, the Washington Metropolitan Area Transit Authority (WMATA) charges an additional fee to support the area’s transportation network. The WMATA Capital Fee is calculated at 0.15% of the purchase price, but it is typically paid by the seller.
Other Charges
If the property is located in a condo or homeowners’ association, you might have to pay condo or association fees at settlement. Other charges include various administrative and processing fees.
When all is said and done, the buyer’s closing costs can add up to 2-3% of the purchase price of the property.
If you’ve got any questions about buying or selling your Fairfax County Northern Virginia home, please don’t hesitate to get in touch. Call or text Jonathan @ 202-750-4050.
