When it comes to Property Transactions in West Virginia, homeowners and investors can benefit from a close analysis of the potential expenses associated with any real estate transaction. Closing costs are a major part of the overall real estate process and can vary based on a variety of factors including location, timing and financing arrangements. Taking the time to work closely with a trusted Real Estate Agent as well as researching average rates ahead of time will help prospective buyers and sellers anticipate and mitigate any fees that may be required at settlement time.

For example, in the state of Streamlined Property Transactions in West Virginia, home buyers typically pay for title search fees, county recording documents fees, loan origination points if they are financing their purchase and inspections. Additionally, they may be responsible for a share of transfer taxes or title insurance premiums depending on their unique situation and the arrangement between themselves and the seller.

Moreover, there are some additional costs that are specific to the state of West Virginia, such as property tax which is a percentage of the sales price and can range by county. These taxes can be paid in installments over the course of a year and are not due at closing.

In addition to these atypical closing costs, there are some fees that are generally expected to be covered by both parties at the time of a purchase in West Virginia such as loan application and processing fees, credit reporting fees, appraisal fees and mortgage loan commitment fees. Additionally, both parties will also be responsible for a share of the settlement services fee which covers the cost of transferring ownership from seller to buyer as well as any miscellaneous fees such as notary, courier and recording fees.

If you are planning to sell your home, then a real estate agent can offer expert guidance and support throughout the entire process. They will ensure that your home is listed at the right price, target the right buyer and guide you through each step of the transaction to closing. Furthermore, they can assist you with negotiations, inspections, appraisals and more. In fact, according to Redfin, sellers who work with an experienced real estate agent net 33% more than those who go it alone.

While the state of West Virginia does not require that real estate agents disclose any physical defects in a property to prospective buyers, it is a good idea to proactively make these disclosures as they can provide some long-term benefits and protections for both the seller and the buyer. This disclosure can help protect the buyer from having to renegotiate or terminate a deal if they discover serious issues after closing, and it can protect the seller from being sued if the buyer later discovered that there were undisclosed defects.

In addition to these legal protections, making these disclosures can also save you money in the long run by preventing costly litigation or expensive repairs. For more information on how to prepare for a successful home sale, contact your local real estate agent today!