Closing costs

Expenses and costs (over and above the price of the property) incurred by buyers and sellers in transferring ownership of real property. Closing costs normally include an origination fee, realty transfer taxes, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey. Closing costs will usually vary according to the area of the country in which closing takes place; lenders or real estate agents often provide estimates of closing costs to prospective homebuyers, which is called a good faith estimate (GFE).

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