What are Closing Costs?

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Closing Costs

Closing costs are fees associated at the closing of a real estate transaction. The closing point is when the title of the property is transferred from the seller to the buyer. Closing costs are incurred by either the buyer or seller.  Examples are:

Administration fee l Appraisal fee l Appraisal review fee l Closing/escrow/settlement fee l Courier fee l Credit Report l Document preparation l Flood certification fee l Flood monitoring l Home inspection l Home warranty l Homeowner’s association transfer fee l Homeowner’s insurance l Homeowners insurance impounds l Lender’s Inspection fee l Loan discount l Loan Origination Fee l Loan tie-in fee l Mortgage broker fee l Mortgage insurance impounds l Mortgage insurance l Notary fees l Pest inspection l Pre-paid interest l Property tax impounds l Recording fees l Sub-escrow fee l Tax service fee l Title insurance l Underwriting fee l Up front mortgage insurance premium l VA funding fee l Warehousing fee l Wire transfer fee