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.
Settlement costs, also known as closing costs, refer to the expenses and fees associated with the finalization of a real estate transaction. These costs can include a range of payments required to transfer ownership from the seller to the buyer.
