What are the other “closing costs”?
Depending on the type of transaction, you will usually be paying for such things as real estate commissions, appraisal fees, loan fees, escrow charges, advance payments (such as property taxes and homeowner’s insurance), title insurance premiums, pest inspections and the like. The amount you pay for closing costs will vary; however, when buying your home and obtaining a new loan, an estimate of your closing costs will be provided to you pursuant to the Real Estate Settlement Procedures Act after you submit your loan application. This disclosure provides you with a good faith estimate of what your closing costs will be in the real estate process. An itemized list of charges will be prepared when you close your transaction and take title to your new property.
