Various fees and expenses payable by the seller and buyer at the time of a real estate closing; also termed transaction cost. Some closing costs include brokerage commissions, lender discount points and other fees, title insurance premiums, deed recording fees, loan prepayment penalties, inspection and appraisal fees, and attorney's fees.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.