Are you budgeting for a move in Marvin but unsure what closing will really cost? You are not alone. Even seasoned buyers and sellers can feel surprised by fees that appear late in the process. This guide gives you a clear, local view of what you will pay in Union County, how the timeline works, and where you can keep costs under control. Let’s dive in.
What closing costs cover in Union County
Closing costs are the non‑purchase‑price charges needed to complete a real estate transaction. They include lender fees, title and attorney services, recording and transfer fees, prepaid items like insurance and taxes, escrow reserves, and prorations for things like HOA dues. Sellers also cover typical listing expenses and payoffs.
In practice, buyers pay costs tied to getting the mortgage and taking title. Sellers pay costs tied to conveying title and delivering a clean closing. Exact amounts depend on your contract, loan terms, and local customs in Marvin and greater Union County.
Buyer closing costs in Marvin
Typical totals
As a buyer, you commonly see closing costs equal to roughly 2% to 5% of the purchase price, excluding your down payment. In practical scenarios for the Charlotte metro, buyers often land near 2.5% to 4% depending on lender fees, points, and prepaids.
Common line items
- Lender fees
- Origination or application fee, often 0.5% to 1.0% of the loan amount, plus any underwriting or processing fees.
- Optional discount points if you choose to buy down your rate; one point equals 1% of the loan amount.
- Third‑party charges
- Appraisal, commonly $400 to $900, higher for larger or complex homes.
- Credit report, flood certification, and other verification fees.
- Title and settlement services
- Title search and exam, settlement or closing fee, and lender’s title insurance if you have a mortgage.
- An owner’s title insurance policy may also be purchased; who pays can be negotiated based on local custom.
- Recording and transfer items
- Union County recording fees for the deed of trust and deed.
- Prepaids and escrow deposits
- First year of homeowner’s insurance, prepaid interest from closing to your first payment, and escrow deposits for taxes and insurance.
- HOA and community costs
- HOA transfer or estoppel fees if the home is in a managed community, plus prorated dues.
- Miscellaneous
- Survey if requested, and any inspection‑related credits or repairs handled at closing.
Local variables to confirm
In Union County, some fees are property specific or change over time. Ask your closing attorney or title company to confirm:
- Current county recording fees with the Union County Register of Deeds.
- Property tax billing and prorations with the Union County Tax Department.
- HOA estoppel, transfer fees, and dues schedule with your community’s management.
Seller closing costs in Marvin
Typical totals
Sellers often spend about 5% to 10% of the sale price on closing costs. The largest item is usually the real estate broker commission, commonly 5% to 6% of the sale price, and commissions are negotiable. Other fees, payoffs, and prorations round out the total. In many real‑world cases, sellers in the region land near 6% to 8% all‑in.
Common line items
- Real estate broker commission, typically the largest expense and split between listing and buyer representation.
- Payoff of existing mortgage(s) and liens, including any lender payoff fees and interest adjustments.
- Title and settlement charges, including closing or settlement fees, and, in many areas, the owner’s title insurance policy.
- Recording fees for releases and required documents.
- Prorations for property taxes, HOA dues, utilities, and any special assessments through the closing date.
- Contracted repairs or clearing of title issues.
- Attorney or closing fees and courier costs.
Owner’s title insurance custom in NC
In parts of North Carolina, it is common for the seller to pay for the owner’s title insurance policy, while a buyer with a mortgage pays the lender’s policy. Customs can vary by county and by contract. Confirm the current expectation in Union County with your closing attorney or title professional early in the process.
When money is due and how disclosures work
Loan Estimate and Closing Disclosure
After you apply for a mortgage, your lender must provide a Loan Estimate that outlines the projected closing costs. You must receive a final Closing Disclosure at least three business days before you sign. Review it carefully to confirm every fee and who is paying what. Ask questions immediately if anything looks unfamiliar or if numbers changed from earlier estimates.
Delivering funds and receiving proceeds
Most closing attorneys require wired funds for the buyer’s cash to close. Some will accept a cashier’s check. Personal checks are generally not accepted. Seller proceeds are disbursed by the settlement agent after the transaction funds and the county records the deed.
Marvin examples: what the numbers look like
Higher price points in Marvin mean the percentages translate to larger dollar amounts. Here are illustrative ranges using common assumptions.
- Example A — $400,000 purchase price
- Buyer at 2.5% to 4.0%: $10,000 to $16,000
- Seller at 6.0% to 8.0%: $24,000 to $32,000
- Example B — $700,000 purchase price
- Buyer at 2.5% to 4.0%: $17,500 to $28,000
- Seller at 6.0% to 8.0%: $42,000 to $56,000
- Example C — $1,000,000 purchase price
- Buyer at 2.5% to 4.0%: $25,000 to $40,000
- Seller at 6.0% to 8.0%: $60,000 to $80,000
These are estimates, not quotes. Your final numbers depend on your loan terms, negotiated repairs or concessions, title fees, and local items such as HOA charges and Union County recording costs.
Ways to manage or reduce costs
- Request seller concessions. In some markets, a seller may agree to cover a portion of buyer closing costs. Your contract will set any limits.
- Shop lenders and compare Loan Estimates. Interest rate, points, and fees vary and can have a meaningful impact on your total.
- Negotiate your commission structure as a seller. Commission is negotiable, though local norms influence expectations.
- Explore financing choices. Some fees can be rolled into your mortgage, subject to lender rules and loan caps.
- Clarify who pays for the owner’s title policy in Union County. If the local custom places it with the seller, it may reduce buyer cash to close.
Timelines and pitfalls to avoid
- Protect your wire. Wire fraud is a real risk. Always confirm wiring instructions by calling your closing attorney or title office using a trusted phone number.
- Watch the three‑day rule. Material changes to the Closing Disclosure can reset the timing and delay closing. Aim to finalize repairs and credits early.
- Order HOA estoppels early. Unpaid dues or special assessments can change final figures and hold up your closing.
- Do not assume who pays what. Customs vary, and everything is negotiable. Get every allocation in writing within your contract.
- Rely on written figures. Ask for updated, written estimates and the final Closing Disclosure rather than verbal ballparks.
Action plan for Marvin buyers and sellers
For buyers:
- Compare Loan Estimates from at least two lenders and ask how points, credits, and fees change your bottom line.
- Request a fee estimate from your Union County closing attorney or title company early in escrow.
- Review your Closing Disclosure as soon as it arrives and flag any changes.
- Contact your HOA promptly for estoppel and transfer fee amounts.
For sellers:
- Ask your agent for a written seller net sheet with expected commissions, typical closing fees, estimated prorations, and payoff amounts.
- Request payoff statements from your mortgage holder early.
- Confirm HOA status and any special assessments before you list.
- Coordinate with your closing attorney on owner’s title insurance expectations and recording timelines for Union County.
If you want a clear, tailored picture of your net or cash to close in Marvin, a detailed conversation with your lender and closing attorney will give you transaction‑specific numbers. For pricing strategy, preparation, and negotiation that keep your costs aligned with your goals, connect with a local advisor who handles Union County closings every week.
Ready to move with confidence in Marvin? For concierge guidance, data‑driven pricing, and meticulous transaction management from offer through closing, reach out to Sally Awad for a Private Luxury Consultation.
FAQs
What are average buyer closing costs in Marvin, Union County?
- Buyers typically see 2% to 5% of the purchase price in closing costs, with many local scenarios around 2.5% to 4%, depending on lender fees, points, and prepaids.
Who usually pays for the owner’s title insurance in Union County?
- In many parts of North Carolina the seller pays the owner’s policy while buyers with a mortgage pay the lender’s policy, but customs vary; confirm with your Union County closing attorney.
How are Union County property taxes handled at closing?
- Taxes are prorated to the closing date; buyers with a mortgage often prepay escrows, and you should confirm the billing calendar with the Union County Tax Department.
What funds and documents should I bring to a North Carolina closing?
- Bring a government‑issued ID and deliver funds via wire or cashier’s check per your closing attorney’s instructions; personal checks are usually not accepted.
Can a seller in Marvin cover part of a buyer’s closing costs?
- Yes, seller concessions are possible and negotiated in the contract, subject to loan program limits and overall deal terms.
