by Daniel Yoon | eXp Realty | Richmond, Virginia
Closing costs in Virginia run 2% to 5% for buyers and 6% to 8% for sellers. On a $400,000 home, buyers budget $8,000 to $20,000 and sellers expect $24,000 to $32,000.
Buyer Closing Costs: Line by Line
- Loan origination: 0.5-1% = $1,900-$3,800
- Appraisal: $450-$600
- Inspection: $400-$600
- Title search and insurance: $1,200-$2,000
- Attorney/settlement: $500-$800
- Recording fees: $200-$400
- Prepaid taxes: $500-$2,000
- Prepaid insurance: $1,200-$2,000
Total: $7,000-$14,000 on $400K purchase.
Seller Closing Costs
- Agent commissions: 5-6% = $20,000-$24,000
- Transfer taxes: $800
- Title insurance: $800-$1,200
- Attorney fee: $400-$700
Total: $24,000-$32,000 on $400K sale.
How to Reduce Costs
For Buyers
- Negotiate seller concessions (2-3% in current market)
- Shop lenders for best fees
- Use Virginia Housing programs
- Close end of month to reduce prepaid interest
For Sellers
- Negotiate commission rates
- Price correctly to attract multiple offers and limit concessions
FAQs
How much are closing costs in Virginia?
Buyers: 2-5%. Sellers: 6-8% including commissions.
Who pays closing costs?
Both pay different costs. Many are negotiable. Sellers often contribute 2-3% toward buyer costs.
What is the grantor tax in Virginia?
$1.00 per $500 of sale price, paid by seller. $800 on a $400K sale.
Want exact cost numbers? Call Daniel Yoon at (804) 896-2694.