closing costs
Expenses that must be paid on closing, including fees for title searches and title insurance, deeds, appraisals, credit reports, and escrow.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

closing costs
All settlement or transaction charges (above and beyond the actual cost of the property) that home buyers (or sellers) need to pay at the close of escrow when the property is transferred. These typically include lender's fees and points or prepaid interest, a prorated share of the property taxes, transfer taxes, credit check fees, homeowners' and title insurance premiums, deed filing fees, real estate agent commissions, inspection and appraisal fees, and attorney's fees. Some closing costs are tax-deductible.
Category: Real Estate & Rental Property

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • Closing costs — 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… …   Wikipedia

  • Closing Costs — The expenses, over and above the price of the property that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fees, discount points, appraisal fees, title searches, title insurance,… …   Investment dictionary

  • closing costs — Expenses which must be paid in addition to the purchase price on the sale of real estate. Closing costs with respect to a debt secured by an interest in land include: (a) fees or premiums for title examination, title insurance, or similar… …   Black's law dictionary

  • closing costs — clos′ing costs n. pl. bus various charges, as for title search paid by the buyer or seller of real property when the sale is executed …   From formal English to slang

  • closing costs — / kləυzɪŋ kɒsts/ plural noun US the costs involved in finalising a deal, especially a mortgage or other bank loan …   Dictionary of banking and finance

  • closing costs — Real Estate. 1. fees charged to a purchaser by a bank, lawyer, etc. for services related to a sale, as title search, appraisal, etc. 2. any expenses over the purchase price of a house, land, etc., that is paid by the purchaser or seller at the… …   Universalium

  • closing costs — All the expenses involved in transferring ownership of real estate. Bloomberg Financial Dictionary …   Financial and business terms

  • closing costs —  The variety of ancillary expenses involved in purchasing real estate …   American business jargon

  • closing costs — noun plural : expenses (as for appraisal, title search, and title insurance) connected with the purchase of real estate that usually constitute a charge against the purchaser additional to the cost of the property purchased * * * Real Estate. 1.… …   Useful english dictionary

  • nonrecurring closing costs — Those costs of closing a home purchase that need to be paid only once such as the appraisal fee, title insurance, and transfer taxes. (Compare with recurring closing costs) Category: Real Estate & Rental Property Nolo’s Plain English Law… …   Law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.