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Jenkins Fenstermaker, PLLC

325 Eighth Street

Huntington, WV 25701-2225

Phone (304) 523-2100

Toll Free (866) 617-4736

Jenkins Fenstermaker, PLLC

215 S. 3rd Street

Suite 400

Clarksburg, WV 26301

Phone (304) 521-6120

Toll Free (866) 617-4736

By Allison Janine Farrell Of Jenkins Fenstermaker, PLLC on 07/07/2022
The West Virginia Residential Closing Process

Buying a new West Virginia home can be an exciting and joyful experience. However, it can also be stressful. Likewise, selling a home can create anxiety and uncertainty, especially when you are unfamiliar with the West Virginia residential closing process.

Before buying or selling a home, it’s important to know some basic facts about the West Virginia home closing process. For starters, you’ll want to know the steps involved and related closing costs in West Virginia. An experienced West Virginia real estate closing lawyer can answer all your closing questions and can help take the stress and anxiety out of the home closing experience.

What Is the West Virginia Residential Closing Process?

The residential closing process describes the steps in a transaction that transfers ownership of residential property from the seller to the buyer. The closing happens when all the necessary legal documents are signed and payment has been made. However, many things must occur in a residential real estate transaction before the closing date. 

The West Virginia residential closing process requires an attorney, but you’ll want to make sure you have an attorney earlier in the process to ensure there are no surprises to impact your closing.

Steps in the West Virginia Residential Closing Process?

The West Virginia residential closing process usually takes about 30 days to complete although case-specific delays can occur. Several steps are necessary during that time. Hiring counsel early in the process can help prevent avoidable delays. The general steps involved in the West Virginia home closing process for a buyer are:

  1. Get approved for a mortgage in advance.
  2. Shop for and find your new home.
  3. Consult with an experienced West Virginia real estate closing lawyer.
  4. Make an offer on the home of your choice.
  5. Once the buyer accepts your offer, sign a purchase agreement.
  6. Open an escrow account to hold all funds and documents until the closing.
  7. Have a title search run and get title insurance.
  8. Have a home inspection completed by a certified and licensed West Virginia home inspector.
  9. Have a pest inspection completed by an accredited specialist.
  10. If applicable, renegotiate your offer based on the findings of your inspections.
  11. Negotiate the closing costs.
  12. Check that all contingencies of the purchase agreement have been removed.
  13. Deposit all funds into the escrow account.
  14. Make a final walk-through of the home to ensure there have been no changes or damage since the last inspection.
  15. Be sure you have reviewed all the documents with your attorney and that all your questions have been answered before the closing.
  16. Attend the closing to execute all documents and have the property transferred to you. 

What Are the Average Closing Costs in West Virginia?

You may be surprised by the additional costs (closing costs) of purchasing a new home. Typically, you will need a down payment equal to 20 percent of the home’s total purchase price. Your mortgage company will generally finance about 80 percent of the home’s appraised value. However, the home’s down payment is not the only cost you need to be prepared to cover.

Closing costs in West Virginia vary; however, they generally are between two and seven percent of the home’s final purchase price. The West Virginia residential closing process includes closing costs for several expenses, including:

  • Appraisal fees;
  • Loan processing fees;
  • Title examination and insurance fees;
  • Prepaid interest fees;
  • Attorneys’ fees;
  • Fees deposited into the escrow account for annual property taxes and home insurance; and
  • Recording fees to file the transaction into the local property and mortgage records.

What Does a West Virginia Real Estate Closing Lawyer Do?

Purchasing a home is one of most people’s biggest investments. The West Virginia home closing process can quickly become complicated and confusing. Therefore, it is wise to have an experienced West Virginia real estate closing lawyer to help guide you through the process and protect your interests. Real estate attorneys often provide the following invaluable services:

  • Advise you through the entire process.
  • Draft and finalize all necessary contracts.
  • Help you understand all the legal documents and how they impact you.
  • Recommend and draft amendments to the standard real estate contract in some cases.
  • Run a title examination to ensure there are no problems with the title to the property.
  • Communicate and negotiate with the realtors.
  • Set up and manage the property closing.

Do You Need a West Virginia Real Estate Closing Lawyer?

It is wise to have an experienced attorney guide you through the West Virginia residential closing process. If you’re buying or selling a home in WV, contact West Virginia real estate closing lawyer Allison J. Farrell of Jenkins Fenstermaker, PLLC today at (304) 521-6120 or complete the firm’s online contact form to schedule a consultation.