Closing Costs

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Closing Costs


The term closing costs can either refer to only the fees and costs necessary to close a sale/ mortgage, or more generally to refer to all the expenses associated with purchasing a property.

In different areas, there are different customs for whether the buyer or seller pays various closing costs. Some examples of closing costs include:

  • Preparing the closing documents
  • Preparing the Deed
  • Costs associated with clearing title, if necessary
  • Deed recordation fees
  • Preliminary Title Report
  • Owners Title Insurance
  • Lenders Title Insurance
  • Lender required policy endorsments
  • Mortgage Recordation Fees
  • Transfer taxes
  • HOA fees/ Transfer Fees
  • Listing agent's commission
  • Selling agent's commission
  • Insepctions/ reports
  • Appraisal
  • Escrow Fees
  • Prorated real estate tax, insurance

Because who pays what varies by area and custom, it is important to work with a local, experienced real estate agent familiar with the local customs. It is not uncommon for out of town buyers with an out of town real estate agent to pay more than necessary by volunteering to pay for certain closing costs that would customarily be paid for by the seller.

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