Real Estate Glossary

What are closing costs?

Closing costs are the expenses that are incurred in connection with the sale of a property. Closing costs may include things like legal fees, title insurance, inspection fees, and lender fees. In most real estate transactions, the buyer is responsible for paying the closing costs, although in some cases the seller may agree to pay a portion of the costs as part of the sales agreement. Closing costs can vary widely depending on the location, value, and type of property being sold, as well as the specific terms of the sale. It is important for buyers to be aware of their closing costs and to factor them into their budget when purchasing a property.

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