Definitions for closing costs
This page provides all possible meanings and translations of the word closing costs
Random House Webster's College Dictionary
various charges, as for title search paid by the buyer or seller of real property when the sale is executed.
Real property in most jurisdictions is conveyed from the seller to the buyer through a real estate contract. The point in time at which the contract is actually executed and the title to the property is conveyed to the buyer is known as the "closing". It is common for a variety of costs associated with the transaction to be incurred by either the buyer or the seller. These costs are typically paid at the closing, and are known as closing costs. Examples of typical closing costs might include: ⁕Attorney Fees, paid by either or both parties, for the preparation and recording of official documents. The principals and/or lender may each be represented by their own attorney. Typically required by institutional/commercial lenders to ensure documents are prepared correctly. ⁕Title Service Cost, paid by either party according to the contract but by default seller may pay the majority, for title search, title insurance, and possibly other title services. In some cases the attorney may do the title search or the title service and attorney fees may be combined. Required by institutional/commercial lenders and often by the real estate contract.
Find a translation for the closing costs definition in other languages:
Select another language:
Discuss these closing costs definitions with the community:
Use the citation below to add this definition to your bibliography:
"closing costs." Definitions.net. STANDS4 LLC, 2014. Web. 24 Oct. 2014. <http://www.definitions.net/definition/closing costs>.