West Virginia Purchasing Cost Estimate
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How to fill out Purchasing Cost Estimate?
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FAQ
Estate agents will base their fee on a percentage of the final sale price. Although estate agents are known to charge anywhere between 1% and 3% of the property price, this isn't payable until after your house has sold.
How much will it be? Plan for 5 to 6 percent of the purchase price to cover Realtor fees, which are typically paid by the seller. Add to that an extra 2 to 4 percent of the price to pay for costs like attorney fees, transfer taxes and other expenses.
The WV-96 was developed by the Attorney General's Office to eliminate the most common conflicts with State law that are found in contract documents submitted for review.
In West Virginia, the closing costs are what each buyer and seller pay during escrow. And, many of these fees are negotiable between the buyer and the seller. So, determining which one pays what is part of what your real estate agent helps you negotiate during the offer/acceptance time.
In West Virginia, sellers typically pay for title and closing fees and transfer taxes at closing.
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.
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.
