Closing costs are fees paid at the home closing, which is when the title of a residence is transferred from the seller to the buyer. These costs typically include real estate commissions, escrow fees, document recording fees, lawyer fees, title insurance fees, survey fees, and taxes. These costs can also include the expenses the home has incurred by buyers and sellers during any negotiations. Closing costs vary widely based on where you live, the property you buy, and the type of loan you choose.
What "Costs" Are There?
Here is a list of fees that may be included in closing:
- Application Fee: This fee covers the cost for the lender to process your application.
- Appraisal: This is paid to the appraisal company to confirm the fair