Closing Costs

Closing costs are fees and expenses you pay when finalizing a real estate transaction, primarily when buying a home. These costs typically include loan origination fees, appraisal fees, title insurance, and attorney fees, among others. They can add up to 2-5% of the property's purchase price. Both buyers and sellers may have closing costs, which are handled at the closing meeting when ownership officially transfers. It’s important to budget for these costs in addition to the property’s price to understand the full financial commitment of buying or selling a home.