Business, Legal & Accounting Glossary
Most generally, closing costs are associated with the cost of a transaction. However, more commonly closing costs pertain to real estate and constitute a range of fees and expenses paid by both the seller and buyer at the time of the transaction. Closing costs are typically comprised of title insurance premiums, deed recording fees, inspection and appraisal fees, as well as attorney’s fees. In addition, closing costs may include lender discount points, down payments, and loan repayment penalties. Some closing costs are statutory fees imposed by the government. Other closing costs are charged as brokerage commissions for administering the transaction. Occasionally ordinary buyers and sellers have trouble making sense of closing costs. This is often due to the fact that closing costs may vary from state to state, as well as from lender to lender.
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This glossary post was last updated: 4th February, 2020 | 1 Views.