Real Estate Dictionary

Closing Costs

The numerous expenses which buyers and sellers normally incur to complete a transaction in the transfer of ownership of real estate. These costs are in addition to price of the property and are items prepaid at the closing day. This is a typical list:

  • Buyer's Expenses: Documentary Stamps on Notes, Recording Deed and Mortgage, Escrow Fees, Attorney's Fee, Title Insurance, Appraisal and Inspection, Survey Charge
  • Seller's Expenses: Cost of Abstract, Documentary Stamps on Deed, Real Estate Commission, Recording Mortgage, Survey Charge, Escrow Fees, Attorney's Fees