Ever look at a Closing Disclosure and feel lost? You are not alone. Closing costs can be confusing, especially when you are trying to budget for a move in South Charleston. In this guide, you will learn what closing costs include, who usually pays them in West Virginia, and simple steps to get exact numbers for Kanawha County. Let’s dive in.
What closing costs cover
Closing costs are the one-time fees and prepaid items due when you finalize a home sale. They are separate from your down payment and from monthly costs like your mortgage or utilities. These charges include lender fees, title and settlement services, recording fees, and prorated items like property taxes and insurance.
Who usually pays what
In West Virginia, buyers typically cover loan-related fees, the lender’s title insurance policy if there is a mortgage, recording of the mortgage, and prepaid items such as interest and escrows. Sellers usually pay real estate commissions, owner’s title insurance in many markets, the payoff of any existing loans, and prorated taxes. Many line items are negotiable, so local custom and your contract terms matter in Kanawha County.
Buyer closing costs in South Charleston
Loan and lender fees
- Loan origination or points charged by the lender.
- Appraisal, credit report, underwriting, and processing fees.
- Prepaid interest from the closing date to your first mortgage payment.
Title and settlement services
- Lender’s title insurance policy when you finance the purchase.
- Title search, settlement or attorney fee, and document preparation.
Government and recording
- Recording fees for your deed and mortgage with the Kanawha County Clerk. Amounts vary by document and page count.
Prepaids and escrows
- Upfront deposits for property taxes and homeowners insurance held in escrow.
- First year of homeowners insurance if required by your lender.
Other possible items
- Survey if required.
- HOA transfer or move-in fees if the home is in an association.
Seller closing costs in South Charleston
Big-ticket items
- Real estate commissions, commonly the largest seller expense and negotiated case by case.
- Payoff of your existing mortgage and any liens.
Title, taxes, and recording
- Owner’s title insurance policy is often paid by the seller in many markets, though local custom varies. Confirm practice in Kanawha County.
- Recording fees for releases or payoff documents.
- Prorated property taxes and HOA dues through the closing date.
Negotiated items
- Seller credits toward buyer closing costs if agreed in the contract.
- Repair allowances or concessions based on inspections.
Typical totals and a $200,000 example
As a budgeting rule of thumb, buyers often pay about 2% to 5% of the purchase price in closing costs, not counting the down payment. Sellers often pay about 6% to 10% of the sale price, with commission as the largest component. Exact totals depend on loan type, escrow deposits, and who pays for items like owner’s title insurance.
Here is an illustrative South Charleston example at $200,000:
- Buyer estimate around 3% (~$6,000):
- Loan origination: $1,500
- Appraisal: $450
- Credit/processing: $100
- Lender’s title policy, title search, and closing fee: $1,200
- Recording fees: $75
- Prepaids and escrow (taxes, insurance, interest): $2,675
- Seller estimate around 8% (~$16,000):
- Commission at 5.5%: $11,000
- Owner’s title policy and closing fee: $1,200
- Prorated taxes/HOA/miscellaneous: $800
- Seller concessions or repairs: $2,000
These are examples to help you plan. Your final numbers come from your lender, title company, and county offices.
How to verify your numbers locally
- Ask your lender for a Loan Estimate within three business days of your application. It should outline your expected closing costs and prepaid escrows.
- Request a sample Closing Disclosure and title premium quote for your price point from a local title or settlement company.
- Call the Kanawha County Clerk for deed and mortgage recording fees and to confirm any transfer or conveyance taxes that may apply.
- Check with the Kanawha County Assessor or tax office for billing dates to estimate tax prorations for your closing date.
- If you are unsure who customarily pays the owner’s title policy in Kanawha County, ask your agent or a local title office.
Property tax and escrow basics
Property taxes are typically prorated to the day of closing. That means the seller pays their share up to the closing date and the buyer takes over after. Lenders often set up an escrow account for taxes and insurance and can collect about 2 to 6 months of payments upfront, depending on billing cycles and timing. Your Loan Estimate and final Closing Disclosure will show these deposits.
Quick checklists
For buyers
- Get a Loan Estimate from at least two lenders and compare fees.
- Ask your lender to itemize expected escrow deposits for taxes and insurance.
- Confirm which title policy you must pay for and request a title premium quote for your purchase price.
- Verify appraisal and inspection costs upfront.
- Ask the seller, through your agent, if any closing cost help is possible.
- Learn the Kanawha County property tax billing schedule to estimate prorations.
For sellers
- Ask your listing agent for a seller net sheet showing expected commissions, title charges, and prorations.
- Confirm local custom on who pays the owner’s title policy for your property type and location.
- Request current payoff statements from your mortgage servicer and include any release or reconveyance fees.
- Identify any liens, assessments, or unpaid taxes that must be cleared at closing.
Ways to keep costs manageable
- Compare lender quotes so you understand differences in origination, underwriting, and rate options.
- Ask about lender credits that can offset closing costs in exchange for a rate choice that fits your budget.
- Negotiate seller concessions when the market and property allow.
- Clarify early who will pay for the owner’s title policy, then structure your offer accordingly.
Ready to plan your closing?
If you want clear numbers and a smooth path to the closing table in South Charleston, we are here to help you take the next step with confidence. From lining up your Loan Estimate to coordinating with a trusted local title partner, we can guide you through each fee so there are no surprises. Reach out to schedule a quick planning call with Crystal Reeves-Paynter and get a personalized closing cost roadmap.
FAQs
Do buyers or sellers pay more in closing costs in South Charleston?
- Buyers often pay about 2% to 5% of the price, while sellers commonly see 6% to 10% due to commission and title items, but exact amounts depend on negotiations and local fees.
Is there a West Virginia transfer or conveyance tax on home sales?
- Transfer and recording taxes vary by state and county; confirm current requirements with the West Virginia State Tax Department and the Kanawha County Clerk before closing.
Who usually pays for the owner’s title insurance policy in Kanawha County?
- Local custom varies; in many markets the seller pays for the owner’s policy, so verify with your agent or a Kanawha County title company for your specific deal.
How much will my escrow deposits be at closing in Kanawha County?
- Lenders often collect about 2 to 6 months of taxes and insurance upfront, which changes with the billing calendar and your lender’s rules.
Can I roll my closing costs into the mortgage in West Virginia?
- Some loan programs allow certain costs to be financed or offset with lender credits, subject to loan-to-value limits and program rules, which your lender can explain.
When will I see my final closing numbers in South Charleston?
- Buyers receive a Loan Estimate early and a final Closing Disclosure at least three business days before closing; sellers receive a final settlement statement at or just before closing.
