Closing Costs at Smith Mountain Lake — What Buyers Actually Pay

The short answer: buyers here typically pay lender fees, title work, recording fees, inspections, insurance, and prorated taxes — and at Smith Mountain Lake, waterfront adds line items of its own: dock permit transfers, septic and well inspections, and shoreline documentation.

Typical purchaser costs

From the book's regional list (typical figures for this part of Virginia at the time of writing): title examination around $285, closing attorney fees around $525, title commitment $125, e-recordation $150, deed recording (transfer tax) at 0.33% of price, mortgage recording at roughly 0.317% of loan amount, plus courier, attorney-review, and closing-protection items in the tens of dollars. Property taxes and any HOA dues prorate between buyer and seller. Title insurance can run up to 0.4% of price — not legally required for cash purchases in Virginia, but highly recommended, and always required by mortgage lenders.

Waterfront-specific items

Waterfront buyers should also budget attention (if not always dollars) for dock permit transfers, septic inspections, well inspections, shoreline documentation, and survey-related questions.

Closing long distance

Many closings here are handled entirely long-distance — email, overnight mail, and wire transfer — which suits out-of-state buyers. The trade-off is missing the final walk-through on closing day; your agent can help manage that.

Examine the deed early

Paul's book urges buyers to have the closing attorney examine the deed before purchase — that's how one buyer discovered the seller's dock required a property-owners'-association variance before the sale could proceed.