A commonly-misunderstood issue in real estate is the subject of closing costs. This post will, hopefully, clear up this mystery.
What are "closing costs"?
Closing costs are "the costs of purchasing" or "the costs of selling" real estate. Buyers have different closing costs than sellers do, although most closing costs are negotiable as part of a sale. Typical buyer's closing costs include costs of getting a loan, pre-paid property taxes, homeowner's insurance, and escrow & title fees. Typical seller's closing costs include Realtor commissions, unpaid property taxes, HOA transfer fees, title insurance, escrow fees, transfer taxes, and other misc fees. Closing costs can also include the costs of inspections, home warranties, and repairs.
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