A lender's title policy protects the bank; an owner's policy protects your equity. Here is the difference and why most buyers want both.
Title insurance covers hidden past defects, but every policy has exclusions and exceptions. Here is what is covered, what is not, and how to read your policy.
Property tax proration splits the tax bill between buyer and seller as of the closing date. Here is how it is calculated in Virginia and why the credit can go either way.
Title and settlement fees cover the title search, the owner's and lender's title insurance, the closing fee, and recording. Here is what each charge pays for in Virginia.
A seller concession lets the seller pay some of the buyer's closing costs, within loan program limits. Here is what it can and cannot cover in Virginia.
Cash to close is the down payment plus closing costs and prepaids, minus earnest money and credits. Here is the full breakdown for Virginia buyers, and how to lower it.
The sale price is the headline, but your net proceeds are what you keep. Here is everything that comes out at a Virginia closing, from payoff and commission to transfer taxes and prorations.
The Virginia recordation tax explained in plain English: the state and local tax on the deed, the separate deed of trust tax, who pays, and how each is calculated.
Who pays closing costs in Virginia, buyer or seller? A line by line look at each side of the settlement statement, what is customary, and what you can negotiate.
A plain English guide to closing costs in Virginia: the taxes, lender fees, title charges, and prepaid items, who pays each one, and how to get a clear estimate before you sign.