Re-examining Closing Costs
✉️ Want to forward this article? Click here.
The Washington Business Journal reported today that closing costs in DC and Maryland are well below the national average. Given this news, it seemed like a good time to re-examine what is actually included in these costs that remain a mystery to many homebuyers.
Closing costs are essentially fees paid at the settlement table of a home buying transaction. The fees usually include taxes, lender and financing costs as well as attorney and other administrative fees. Closing costs generally range between 2 and 7 percent of the property value, and you must pay these costs before moving into your new home.
Below are a range of typical fees for the DC area, which vary depending on the cost of the home.
Note: Closing costs are not negotiable, but in a home buying transaction, a seller may give a credit to the buyer for closing costs at the settlement table, so that the buyer can wrap their closing costs into their mortgage.
- DC Transfer Tax (1.45 percent of sales price or 1.1 percent of sales price under $400K)
- Settlement Fee ($100-$500)
- Release Preparation Fee ($75-$150)
- Release Recording Fee ($50-$75 per lien)
- Messenger Fees ($50-$100)
- Lender Application Fee ($295)
- Title Search ($200)
- Title Insurance ($1,000-$5,000 depending on the price of the home)
- Appraisal Fees ($300)
- Inspection ($385)
- Survey Fee ($250)
- Credit Report Fee ($55)
- Deferred Transportation Related Facilities Charges ($300-$500)
- Well or Septic Certification Fees ($200-$500)
- Home Buyer’s Warranty ($300-$600)
See other articles related to: closing costs, dclofts
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/reexamining_closing_costs/2382.
Most Popular... This Week • Last 30 Days • Ever
This article discusses the variety of rental restrictions that may exist in condomini... read »
Today, UrbanTurf takes a look at the office-to-residential conversions on the boards ... read »
The new project is just the latest affordable development to move forward in DC.... read »
The nearly 12,000 square-foot McLean house of the former Washington Nationals pitcher... read »
The beautiful four-story property, with three renovated units offering more than $200... read »
- Understanding Rental Restrictions in Condominiums
- A Look At The 9 Office-To-Residential Conversions On The Boards in DC
- 11-Story, 46-Unit Development Pitched For A Pair Of Downtown DC Rowhouses
- Stephen Strasburg's McLean Home Sells For $8.55 Million
- Elegant Dupont Circle Rowhouse, Boasting Huge Rental Income Potential, Hits the Market
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro