Over 100 Years Of Collective Experience

The process of real estate closing explained

On Behalf of | May 12, 2022 | Residential Real Estate |

Buying a home in Virginia can be a complex process if you don’t know what to expect. Doing research before embarking on the home buying process can help protect you and your family during this process.

How to understand real estate closing

After you have shopped around for a home and found one that you want to buy, the real negotiation begins. It will be up to you to do all that you can to get the seller to come down in price. After a final figure has been settled on, you can proceed to the final phase of the sale. This is known as a real estate closing.

Expect to pay a number of fees

During the closing phase, you can expect to pay a wide variety of fees. These are known as your closing costs. They can include the origination fee that you pay to your lender in order to get started on your loan application. You can then expect to pay an underwriting fee to your lender for processing it.

There are still more fees to consider, especially if you are a first time home buyer. One of the most common will be an appraisal fee. This will be paid to your lender in order to discover the true value of the property you are thinking of buying.

You will most likely have to pay a fee to get your credit report checked so that you can qualify for a home loan. You will then need to pay a title search fee. From there, you may still have to navigate through a network of other fees that require your attention.