Closings costs in a real estate transaction are the costs, including any fees, commissions, taxes or miscellaneous expenses associated with the transaction. The actual ”closing” occurs when the title of the property is transferred from the seller to the buyer. Closing costs are incurred by the buyer and the seller.
Closing costs vary from state to state. In general, these are some of the typical closing fess you might find in a real estate purchase or sale:
Record Fees, notary fees, commissions for listing and selling agents, mortgage payoff balance, bank processing fee, origination fee, appraisal fee, tax servicing fee, flood certification fee and title insurance.