Closing costs are fees that must be paid before a real estate transaction can be closed. These fees are normally paid on the day when the seller transfers title to the buyer.

Typical Closing Costs:

Closing costs often consist of the following:

  • Attorney’s fees

  • Inspection charges

  • Loan origination fee

  • Underwriting fee

  • Appraisal fee

  • Fee for running your credit report

  • Survey fee and fee for title search

  • Title insurance

  • Escrow deposit for property taxes or private mortgage insurance

  • Title recording fee

These are just a few examples of fees you may incur at closing, but each real estate transaction is different. You will receive a HUD-1 settlement statement that shows each fee and the amount that you are to pay. Closing costs often represent between 2 to 5 percent of the purchase price of the property.

Avoiding Closing Costs

Closing costs are usually incurred by the buyer. There may be several ways for a buyer to avoid paying the fees or reduce the amount of fees that he or she pays. He or she may negotiate in the purchase agreement to have the seller pay for the closing fees. Sellers who are particularly motivated to sell the property may agree to pay for these costs upfront so as not to dissuade the buyer from walking away from the purchase. Buyers may also be able to negotiate the cost or incurrence of some of the fees with their lender or seek a lender who advertises lower closing fees. Another option is to get a no closing fee mortgage. However, buyers should beware that such arrangements usually cost them more in the long run by requiring them to pay a higher interest rate or having the fees rolled into the mortgage and paying interest on the fees over the course of the mortgage.

If you are interested in buying or selling property, call Isabelle Andrews at 305-546-5421, Alba Biondi at 305-323-2595, or email us at

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