Settlement costs

Settlement costs are the expenses associated with completing a real estate transaction, such as buying or selling a property. These costs include things like property inspections, appraisals, title searches, loan processing fees, and title insurance. They also cover government charges, escrow fees, and sometimes prepaid property taxes or insurance. Essentially, settlement costs are the necessary payments made to ensure the transfer of ownership is legal, clear, and properly documented. These costs can vary depending on location, property price, and terms of the sale but are a standard part of closing a real estate deal.