Suffolk city, Virginia Closing Costs
On the $329,600 median Suffolk city home, the county-specific closing items come to about $2,661: transfer tax $1,099, title insurance $1,562. Lender fees, appraisal and prepaids are added by the loan, not the county.
County-specific closing costs by purchase price
| Purchase price | Transfer tax | Title insurance (both policies) | Total |
|---|---|---|---|
| $150,000 | $500 | $850 | $1,350 |
| $200,000 | $667 | $1,050 | $1,717 |
| $250,000 | $833 | $1,250 | $2,083 |
| $300,000 | $1,000 | $1,445 | $2,445 |
| $350,000 | $1,167 | $1,640 | $2,807 |
| $400,000 | $1,333 | $1,835 | $3,168 |
| $450,000 | $1,500 | $2,030 | $3,530 |
| $500,000 | $1,667 | $2,225 | $3,892 |
| $600,000 | $2,000 | $2,583 | $4,583 |
| $700,000 | $2,333 | $2,941 | $5,274 |
| $800,000 | $2,666 | $3,299 | $5,965 |
| $1,000,000 | $3,333 | $4,015 | $7,348 |
Frequently asked questions
How much are closing costs in Suffolk city?
On the $329,600 median home, the county-specific items come to about $2,661: transfer tax $1,099, title insurance $1,312 for the owner's policy and $250 for the lender's. Lender fees, an appraisal, prepaid taxes and insurance come on top and depend on the loan.
Who pays these in Suffolk city?
The transfer tax is customarily split. Who pays the owner's title policy is negotiable; the buyer pays the lender's policy and the mortgage recording fee.
Sources
- U.S. Census Bureau, ACS 2019-2023 five-year estimates, table B25077 (median value of owner-occupied housing units)
- Va. Code Sections 58.1-801 (state recordation tax), 58.1-802 (grantor's additional tax), 58.1-814 (local recordation tax)
- WFG National Title Insurance Company, Rate and Rules for the Commonwealth of Virginia, Sections 3 & 4, effective September 1, 2023
Figures are computed from the documents above and rounded to the dollar. All sources.
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Figures are computed from the documents above and rounded to the dollar. General information, not financial advice.
Suffolk city overview