Understanding Closing Costs
Closing costs can surprise first-time buyers and sellers alike. Here's a general primer on what they include.
What closing costs are
Closing costs are the various fees and expenses paid at the end of a transaction, separate from the down payment. They can include lender fees, title and escrow charges, taxes, and prepaid items.
Who pays what
Responsibility for specific costs varies and is often negotiable. Your agent and closing professionals can provide an estimate for your situation.
Planning ahead
Ask for a written estimate early so there are no surprises. For exact figures and tax implications, consult your lender and a tax professional.
This article is general educational information only and is not legal, tax, or financial advice. Every transaction is different — please consult an appropriate licensed professional for guidance specific to your situation.
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