Closing Costs

Closing costs for purchasing real estate.

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Closing costs are expenses incurred by the buyer and seller in a real estate or mortgage transaction over and above the price of the property. There are two types of costs.

Non-recurring Costs

These are one-time transactional costs.

  • Discount and origination points

  • Lender fees - underwriting, processing, document preparations, flood certificate, tax service, wire transfers

  • Title insurance fees

  • Escrow

  • Attorney or closing agent fees

  • Recording fees

  • Inspection and appraisal fees

  • Read estate brokerage commissions

Recurring Costs

These are costs associated with owning the property and they recur month after month. A pro-rated amount of these fees may have to be paid at closing. These costs may include the following items.

  • Hazard insurance

  • Interest

  • Property taxes

  • Mortgage insurance (PMI)

  • Association Fees

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