By: David van den Berg
Special to The Washington Examiner
September 4, 2010

Closing costs are on the rise both nationally and across the Washington metro area, according to data released this month by Bankrate.com, a financial news and data site.

In the District, assuming a $200,000 loan with a 20 percent down payment and good credit, closing costs are $3,685, according to the survey. That figure means the District has the 22nd-highest closing costs in the country. Last year, the city ranked 41st in the Bankrate.com survey, with a total closing costs figure of $2,502.

“That does not jibe with my experience,” said Adrian Hunnings, president of Palladian One Realty, a Washington real estate firm licensed for transactions in the city, Maryland and Virginia. Title insurance costs have risen in the city, he said, but they have not increased that significantly from 2009 to 2010. Most elements of a property’s closing costs are not contingent on the location of the property, but are more dependent on the value of the property, he added.

Closing costs in Virginia are slightly higher, at $3,883, according to the survey. The state’s ranking dropped from 15 to 19.