Closing Costs

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • acquisition fee
  • takeover fee
  • final costs

Definition of Closing Costs

  1. The various costs or expenses associated with closing a real estate transaction. Such costs can include paying for title insurance or appraisal fees. It is important to remember that these costs are over and above the purchase price of the property.

Related Terms and Acronyms

  • Non-Recurring Closing Costs (NRCC) Acronym,
    • One-time fees paid at a real-estate settlement, including origination, appraisal, points, title insurance and credit report.
    Non-recurring fees at closing are those that are paid once such as a property inspection or property appraisal fees. Recurring fees are those that are paid again and again such as property taxes, condo fees and property insurance.
  • Early Closing Cost Reimbursement Definition,
    • Some line-of-credit lenders waive underwriting costs when a line is opened in anticipation of future profits. If a line is then closed early, these institutions impose those fees retroactively.
  • Appraisal Fee Definition,
    • What someone charges to deliver a professional opinion about how much a property is worth.
  • Transfer of Title (TOT) Acronym,
    • A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
  • Closing Definition,
    • In real estate, the delivery of a deed, the payment of the purchase price, the signing of notes, and the paying of closing costs, which completes a real estate transaction.
  • Assumption Fee Definition,
    • A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
  • Pre-paid Expenses Definition,
    • also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
  • Up-front Costs Definition,
    • The costs that must be paid at the time of signing a car lease agreement. These can include the first month's payment, a refundable security deposit, a capitalized cost reduction or down payment, taxes, registration and other fees.
  • Legal Fees and Disbursements Definition,
    • Charges paid on your behalf by a solicitor that are in addition to professional costs.
  • Application Fee Definition,
    • What the lender charges to process the document in which a prospective borrower details his or her financial situation to qualify for a loan.
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