Definition - What does Closing Costs mean?
Closing costs are the expenses one has to pay to buy a real estate property, beyond its selling price.
Insuranceopedia explains Closing Costs
When buying real estate, the transaction is not closed when the selling price is paid. The purchaser must also make other payments, and they can be plenty. For example, the purchaser will pay for the survey of the property and its appraisal to make sure that the selling price matches its market value. They will also have to pay fees for the lawyers who will write the contract and arrange the title transfer.
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