What are Closing Costs?
Real Estate Dictionary
The numerous expenses that buyers and sellers normally incur to complete a transaction in the transfer of ownership of the real estate. These costs are in addition to the price of the property and are items prepaid on the closing day. This is a typical list:
(1) Buyer's Expenses: Documentary Stamps on Notes, Recording Deed and Mortgage, Escrow Fees, Attorney's Fee, Title Insurance, Appraisal, and Inspection, Survey Charge
(2) Seller's Expenses: Cost of Abstract, Documentary Stamps on Deed, Real Estate Commission, Recording Mortgage, Survey Charge, Escrow Fees, Attorney's Fees