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What are closing costs? |
| Date Added: January 29, 2010 09:54:38 PM |
| Author: Peggy Hoag |
| Category: Real Estate: Realtors |
| •Closing costs are charges associated with selling and or purchasing a home. •The largest portion of closing fees when selling a home are the commissions incurred when hiring representation and marketing. When selling a home, a large sum of money is being invested by the real estate broker. The commissions will provide the resources to ensure your home is marketed to optimize the price you will net out of the home sale. These costs include paying a competitive commission to the buyer's agent, marketing campaigns, flyers and signage. •The largest portion of closing fees when purchasing a home are incurred in conjunction with obtaining financing. When buying a home, a large sum of money is being invested by the lender. There are costs incurred to ensure the investment is secure. These costs include a credit report, underwriting, appraising the property, processing the loan and title insurance. Some fees you would incur even if you were paying cash for the home, such as the escrow and recording fees. |
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