SETTLEMENT COSTS (VA CLOSINGS ONLY)

Estimated Costs

You can read the article What Will Your House Really Cost?, from the Washington Post newspaper to learn more about the costs involved. Clients may be entitled to certain discounts on their next settlement. Items marked with a red $ may qualify for a discount. A Settlement Sheet is divided into several categories as follows:

• Lender Items to Borrower may include:
  • "Points" 1 point =1% of loan amount
  • Appraisal/Application Fees
  • Credit Report Fees
  • Document Preparation Fees
  • Underwriting Fees
  • Flood Certification Fees
  • Tax Service Fees
  • Processing Fees
  • Interest Rate Lock-In Fee
  
  
• Lender Prepaids:
  • Real Estate Tax Escrows
  • Hazard Insurance Escrows
  • Interim Interest
  
  
• Title Items:

  Buyer's Fees
  Settlement Fee	$350
  Title Search/Abstract	$125 (at cost)
  Title Insurance Binder	$100
  Notary fee/Doc Prep	$50
  Delivery/Fax/Copy/Admin Fee	$65
  Title Insurance (Owner's and Lender's Policy)	$4.70 per 1000 of sale price + $50 for lender's policy

  
  

  Seller's Fees
  Settlement Fee	$150
  Deed Preparation	$100
  Doc Prep/Notary	$50
  Prepare and Process Payoff	$100
  Deliver/Fax/Copy/Admin Fee	$18.75

  
  
  • Title Examination (Avenue does not charge extra)
  • Payoff Release Tracking (refis)     $35 each
  • Title Clearance (if necessary)     $110-210/hour
  
  
• Virginia Fees (County and State taxes are per $100)

  	Borrower	Seller
  VA County Transfer Tax - Deed	.08333¢
  VA County Transfer Tax - Deed of Trust	.08333¢
  VA State Tax - Deed	.25¢
  VA State Tax - Deed of Trust	.25¢
  VA Grantors Tax		.10¢
  VA Recording Fees
  Deed (approx. - calculated by number of pages)	$33
  Deed of Trust (approx. - calculated by number of pages)	$46
  Releases (approx. - calculated by number of pages)		$34

  
  
• Miscellaneous fees if applicable:

  	Borrower	Seller
  Survey	$350	N/A
  Termite Inspection	$50
  Additional Wire/Courier/Overnight	$35	$35
  E-Storage Fee	$45