With this property pending at $575,000, you need to be ready for the final tally at the closing table. In Salem, buyers typically look at 2–3% of the purchase price, while sellers generally see 6–10% due to agent commissions.
Here is how the breakdown usually shakes out for a home at this price point:
Seller Commissions: Usually the largest expense, totaling around 5–6%.
Grantor Tax: In Virginia, sellers pay a state recordation tax of $1.00 per $1,000 of the sale price.
Title Charges: Buyers pay for title insurance to protect their investment, while sellers pay a smaller fee for deed preparation.
| | Buyer's Side | Seller's Side |
| :--- | :--- | :--- |
| Commissions | - | $28,750 - $34,500 |
| Taxes & Recording | $900 - $1,500 | $575 |
| Title & Settlement | $2,000 - $3,000 | $600 - $900 |
| Loan Fees & Prepaids | $5,000 - $8,500 | - |
| Estimated Total | $7,900 - $13,000 | $29,925 - $35,975 |
Remember, if you’re the buyer, your lender is required to provide a "Loan Estimate" within three days of your application. This will give you a much tighter number based on your specific loan type and down payment.
For sellers, your net proceeds will also be impacted by any property tax prorations. Since your annual taxes are $4,806, you’ll likely owe a credit to the buyer for the portion of the year you lived there before closing.