What are closing costs?
Closing costs are fees paid at the closing of a real estate transaction. This point in time called the closing is when the title to the property is transferred to the buyer. Closing costs can be paid by either the buyer or the seller, subject to the limitation of the type of the loan; FHA, Conventional, VA, or USDA.
Closing costs include items such as appraisal and credit report fees, attorney fees, and origination costs.