Can you explain closing costs in simple, accessible way?
Closing costs are charges, in addition to the purchase price of the home, that are paid when the property closes. Both the buyer and seller will have charges. These costs could include brokerage fees, attorney’s fees, mortgage loan fees, title insurance, appraisal fee, deed/mortgage recording fees and other cost associated with transferring title of the home from the seller to the buyer. At the time an offer is made or accepted the buyer and seller each receive an estimate of these charges from their Realtor®. Watch the video below to see an explanation of closing costs.
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