Closing costs

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Updated: 3/24/2003 1:46 pm
Closing costs are all of the expenses that both a buyer and a seller incur when transferring ownership of a home. These costs are in addition to the price of the property and normally include any attorney and escrow fees, property taxes, and interest payments, as well as title and mortgage insurance charges, sales commission, credit report costs, and termite inspection fees. Generally, the amount of the closing costs are dependent on both the particular tax rules of your state and your financing agreement and are typically paid by both the buyer and the seller. Every situation is different, so both parties usually allocate the closing costs between themselves however they choose, so long as they both agree in writing what each is to pay. Once an agreement is made, both the buyer and seller must present cashiers checks at the time transfer of ownership takes place to cover the balance of all closing costs. Keep in mind that the total closing costs can range from two percent to eight percent of the price of the home and must be paid in full before a mortgage and a transfer of title can be approved.

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