What Are Closing Costs?

This is probably the most common question that we get.

What are closing costs when I am buying or selling a home?

It varies from place to place and house to house.

For the most part, we can break down what your biggest closing cost will be for either a buyer or a seller.

Buyer

Down payment, insurance or property taxes, lenders title policy, fees (brokerage, title, insurance, lender)

Seller

Commission (to both listing and selling agent), transfer taxes, owners title policy

This is the basis for closing costs for the buyer and the seller.

Now there may be some other small costs or things that could potentially come up but for the most part those are going to be your biggest items you have to be aware of.

Your lender or title company are going to be the ones who can break everything down for you and give you your good faith estimate as to what your numbers will be at closing.

For more information regarding closing cost see the video below: