What are closing costs?
Closing costs - Wikipedia, the free encyclopedia
** Closing costs **
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Real property in most jurisdictions is conveyed from the seller to the
buyer through a real estate contract. The point in time at which the
contract is actually executed and the title to the property is conveyed to
the buyer is known as the "closing". It is common for a variety of costs
associated with the transaction (above and beyond the price of the property
itself) to be incurred by either the buyer or the seller. These costs are
typically paid at the closing, and are known as *closing costs*.
Examples of typical closing costs might include:
· *Attorney* (Lawyer) *Fees*, paid by either or both parties, for the
preparation and recording of official documents. The principals and/or
lender may each be represented by their own attorney. Typically required by
institutional/commercial lenders to ensure documents are prepared
· *Title Service Cost(s)*, paid by either party according to the contract
but by default seller may pay the majority, for title search, title
insurance, and possibly other title services. In some cases the attorney
may do the title search or the title service and attorney fees may be
combined. Required by institutional/commercial lenders and often by the
real estate contract.
· *Recording Fees*, paid by either party, charged by a governmental entity
for entering an official record of the change of ownership of the property.
Required by the government
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