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realestateclosing

Frequently Asked Questions About Real Estate Closings in Virginia

Whether you are buying or selling a piece of property, you will undoubtedly have many questions. Prior to a real estate transaction, it is always wise to consult with an experienced attorney. Since 1986, the knowledgeable lawyers at the law firm of Thomas L. Hunter, P.C. have been providing clients in Hampton, Newport News, Portsmouth, Norfolk and vicinity with reliable legal aid and sound advice.

Following are some frequently asked questions and answers about real estate closing in Virginia —

Contact us for a consultation

To speak with the experienced attorneys at the law firm of Thomas L. Hunter, P.C. about a real estate closing or other matter, contact us online or call one of our four convenient offices —

  • Hampton/Peninsula : 757-825-0400
  • Gloucester: 804-694-0560
  • Portsmouth/Southside: 757-393-1110
  • Williamsburg: 757-345-3900

Do I need an attorney for my closing?

The sale or purchase of a home is a major transaction. As a result, it is in your best interests to have an attorney present during a real estate closing. Your lawyer can review your contract and provide you with invaluable advice on how to move forward.

What is title insurance and should I have it?

Before a real estate transaction, you should always have title insurance. Title insurance protects you against any problems related to the title of your property. Some issues that may affect your title include forgery, unknown liens on the property, inaccurate property boundaries and problems related to a foreclosure sale.

As a seller, what are the costs for a closing in Virginia?

In the State of Virginia, real estate sellers are responsible for the following fees during a closing —

  • Settlement fee
  • Document preparation fee
  • Release process/delivery fee
  • Grantor’s tax

For more detailed information on the total cost breakdown for a closing, contact a reputable team of real estate lawyers.

As a buyer, what are the costs for a closing in Virginia?

Generally, at the time of closing, the buyer must have certified funds for the purchase price of the property less the amount of any deposit. In addition, the buyer will be responsible for lending fees if the purchase was financed with a mortgage, attorney’s fees and title insurance fees. Attorney’s fees vary depending on the complexity of the transaction but are generally least expensive item associated with a closing.

Who attends the closing?

Generally the buyer, the seller and their respective attorneys attend the closing. Realtors often also attend the closing.

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