The infamous Closing costs. What exactly are they? And what exactly is “Closing”.
Closing is the point in time when the ‘title’ of the property is transferred from seller to buyer. It’s when all the paperwork is done and you get the keys.
Closing cost are fees the home buyer is typically responsible for paying at the ‘closing’ of a real estate transaction. What’s nice is that these fees can actually be paid by either seller or buyer.
These costs vary widely based on where you live and the type property you buy. The kind of financing you choose is an additional variable. They include things like taxes, insurance, documents & stamps, and other fee’s charged by your lender.
The average homebuyer can expect to pay anywhere between 2 to 5 percent of the purchase price on their home in closing fees.
For more information on Closing Costs, definitely speak with your lender. They will give you your estimated closing costs before you buy.