West Virginia Closing Statement
The Closing Statement is a critical document used in real estate transactions involving cash sales or owner financing. This form serves as a detailed accounting of the financial aspects of the sale and is verified by signatures from both the seller and the buyer. Unlike other settlement documents, the Closing Statement itemizes all expenses, fees, and balances involved in the real estate transaction. This ensures both parties are fully informed about the financial commitments before the property changes hands.
- Expenses: Lists all costs incurred during the transaction, such as title searches and attorney fees.
- Balance fields: Calculates the total amount due from the buyer to the seller and vice versa.
- Adjustments: Details any prorations for taxes or special assessments that need to be considered.
- Signatures: Includes signature fields for both the seller and buyer to verify that all information is accurate and agreed upon.
- Certification: Certifies the contents of the statement are true and correct, safeguarding both partiesâ interests.
You should use the Closing Statement when you are finalizing a real estate transaction. It is essential in situations such as selling or purchasing a property where cash payment is made or when financing is provided by the seller. This document ensures that all financial responsibilities are clearly outlined and agreed upon before the exchange of property occurs.
This form is intended for:
- Property sellers engaged in cash sales or owner financing.
- Buyers acquiring properties under similar financial arrangements.
- Real estate agents and attorneys facilitating the transaction.
Follow these steps to complete the Closing Statement:
- Identify the involved parties by entering the names of the seller and buyer.
- Specify the property details, addressing the location and description of the real estate being sold.
- Fill out the expenses, including all relevant fees, taxes, and commissions associated with the transaction.
- Calculate and enter the total amounts due as well as any balances for the seller and buyer.
- Ensure both parties sign and date the document to certify accuracy and agreement.
This form does not typically require notarization unless specified by local law. It is always a good idea to check your stateâs requirements to ensure compliance with any additional notarization rules.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
- Failing to include all expenses, which can lead to disputes later on.
- Missing signatures from either party, which can invalidate the transaction.
- Errors in calculations, particularly in balances or prorations.
- Convenience: Easily download and complete the form from any device.
- Editability: Customize the form to match the specific needs of your transaction.
- Reliability: Forms are drafted by licensed attorneys, ensuring legal compliance.
- The Closing Statement is essential for documenting the financial terms of a real estate transaction.
- Accurate completion is critical to avoid misunderstandings between buyers and sellers.
- This document helps ensure all expenses and adjustments are transparent and agreed upon.
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FAQ
Closing costs are paid according to the terms of the purchase contract made between the buyer and seller. Usually the buyer pays for most of the closing costs, but there are instances when the seller may have to pay some fees at closing too.
Owner's Title Insurance Premium: While some lenders may not require it, consider getting an owner's title insurance policy to protect yourself from any defects on the property title. This insurance coverage may cost more than $1,000 depending on your property value.
In West Virginia, the buyer traditionally pays for the items listed below, in addition to their lender's mortgage application costs, and other fees and closing costs. It is not unusual for buyer's closing costs to run between $3,000 and $6,000, PLUS their down payment.
One of the big differences is that, in West Virginia, buyers rarely purchase Buyer's Title Insurance (also known as Owner's Title Insurance, or an Owner's Title Policy) at closing. In Florida, virtually all buyers are provided with owner's title insurance, which is customarily paid for by the seller.
Who pays closing costs? Typically, both buyers and sellers pay closing costs, with buyers generally paying more than sellers. The buyer's closing costs typically run 5 to 6 percent of the sale price, according to Realtor.com.
According to data from ClosingCorp, the average closing cost in West Virginia is $3,384 after taxes, or approximately 1.69% to 3.38% of the final home sale price.
Generally, sellers can pay any of your settlement charges. This includes the amounts necessary to set up your escrow account. For sellers, offering, or at least being open to paying a buyer's closing costs, can increase the number of potential buyers.
How much are closing costs in West Virginia? While both you and the buyer will be shelling out for closing costs, typically the buyer takes the brunt of closing costs. For the buyer, they'll pay around 3% to 4% of the sales price. As the seller, you'll typically pay around 1% to 3% in closing costs.