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What are closing costs?

Asked by Trulia Fremont, Fremont, CA Wed Apr 17, 2013

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Closing costs are quite simply the costs of all the parties who contribute towards the legal sale of a home. These include but are not limited to: agent commissions, title insurance, escrow fees, various reports on the property, and lender fees. They typically add up to about 2.5-3% for buyers. Sellers have to allow 5% for agent fees, the cost of title insurance, half of escrow fees, and transfer fees.

They add up. They are not fun to spend but part and parcel of selling a home.
0 votes Thank Flag Link Wed Apr 17, 2013
Closing cost estimate can be easily requested from the escrow officer that has been decided. The realtor who represent you can figure out an itemized estimate for the buyer call the buyer's closing cost and send it to you. After you receive it you should be able to call or email the escrow officer to ask about any fee on any item. So you can fully understand what you are paying. The few main items are: the loan fee; property tax; escrow/title insurance fee and fire/home insurance ....etc. Hope my answer helps.
0 votes Thank Flag Link Wed Apr 17, 2013
Closing costs can be defined as cost of borrowing money and all the costs to be incurred on the settlement date: e.g. prepaid taxes, title services and lender’s title insurance, appraisal fee, origination fee, home owner's insurance, mortgage insurance premium(depending on the type of loan), prepaid items or adjusments (oil, propane), government recording charges.

Your loan officer should be able to itemize them all for you.

Best of Luck.
0 votes Thank Flag Link Wed Apr 17, 2013
The closing costs vary by County/City. They are approx. 3% of the sale price. If you tell me which county/city are you planning to buy in I can tell you which are the amounts the seller and or buyer pay.Dawn
0 votes Thank Flag Link Wed Apr 17, 2013
Transactional "friction" typically present to get a deal done: title, escrow, loan fees, commissions, etc, etc
0 votes Thank Flag Link Wed Apr 17, 2013
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