Virginia Real Estate Contract & Forms for Selling Your Home
Virginia is a state rich in history and culture, being the place where most of America’s historic events happened. It was in Jamestown where the first permanent English settlement in America got established in 1607. It was in the same place in 1619 where the first representative legislature in the U.S. was created.
Northern Virginia is also known for its luxury homes since the colonial times. It was, in fact, the home of George Washington. This is the reason why the real estate market in this state has always been booming.
Selling your home in Virginia will involve several vital documents. Our information below will help you in your transaction.
It is important that you save the HUD (Housing Urban Development) 1 Settlement Statement which contains vital financial information concerning the sale and purchase of a property. It contains details of the lender’s charges, the title company’s fees and the recording fees of government. Real estate experts say this is the most important document next to the promissory note. As a seller, many of the items on the settlement statement are useful in reducing any profit made during the sale. Expenses you have made that are tax deductible such as origination fee, discount points and prepaid interest are shown here.
The other documents involved during the settlement include the deed, deed or trust or mortgage, survey of property and title inspection. The deed provides a legal description of your property and is a duly recorded proof of ownership. The deed of trust is an agreement to repay the mortgage loan. Together with the deed, they will be registered in the land records. Liens will also be charged against your home. Meanwhile, the survey of your property will be ordered by the title office. The property’s boundaries, structures on it such as fences and the distances from the structures and boundaries will be inspected.
As for the title inspection, this will be done by your lawyer. Your attorney should certify that he has checked the land records of your property, that there are no liens and the title is clear. Should there be liens or charges during the inspection process, they must be paid before the transfer of title. In Virginia, some of these liens are unpaid taxes, mortgages or restrictions on land use. Once the title is free of defects, your lawyer will then insure the title against claims. The title insurance policy protects property owners against loss of any claims that may occur later.
In Virginia, the closing costs may be charged to either the seller or buyer or both. The fees charged are meant to pay for the transfer of property from the seller to the buyer. These include legal fees, appraisal fee, lender fees, recording fees, real estate taxes. The other fees may be charged during the settlement, survey and credit report. The closing costs in Virginia are estimated at three percent of the purchase price.
The lawyer charges the legal fees to the title company for holding the settlement meeting as well as for reviewing the deed and other documents registered in the land records to ensure a clean title. The appraisal fee is paid to the mortgage firm when there is a loan application. Lenders also charge closing fees such as documentation, preparation and application fees. Recording fees are paid to the county or state where the property is located while real estate taxes are often paid during settlement.
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