Closing costs are a normal part of a real property transaction, otherwise known as a closing. The closing costs at the transaction are paid by either the buyer or the seller and can range in costs and even in what types are charged.
The Different Types of Closing Costs
There are many different fees that can be incurred at the time of purchasing or selling a property and the fees for such services will be charged at closing, commonly called closing costs.
Some of the more typical fees that are incurred at closing are:
- Attorney Fees
- Title Service Costs
- Recording Fees
- Document or Transaction
- Stamps or Taxes
- Survey Fee
- Brokerage or Commission
- Mortgage Application Fees
- Points
- Appraisal Fees
- Inspection Fees
- Home Warranties
- Pre-paid Property Insurance
- Pro-rata Property Taxes
- Pro-rata Homeowner Association Dues
- Pro-rata Interest
At the time of closing you may be subject to any combination of the above mentioned closing costs. You should discuss with your realtor which ones you are likely to have and who will be paying them.
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