Real Estate Word of the Day: Closing Costs
Closing costs are the fees and expenses that buyers (and sometimes sellers) incur during the finalization of a real estate transaction. These costs are typically paid at the closing of the transaction, which is when the title of the property is transferred from the seller to the buyer. Closing costs can vary significantly depending on various factors, including the property's location, purchase price, and the specifics of the loan.
These costs typically include loan origination fees, appraisal fees, inspection fees, title insurance, attorney fees, escrow fees, recording fees, prepaid fees, transfer taxes, and more.
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