Closing Costs are sales expenses that must be paid in addition to the Purchase Price of the property by the Buyer and the Seller. 

Typical Buyer’s Expenses are:

Ø       New loan or assumption fees

Ø       Prepaid interest on the new loan

Ø       Deed and mortgage recording fees

Ø       Escrow fees

Ø       Title insurance

Ø       Reimbursement to Seller for prepaid taxes (or prorated property taxes)

Ø       Appraisal fees

Ø       Attorney fees for drafting the contract for deed

Ø       Well/septic inspection fees where applicable