Real Estate Closing Costs

Just about every new home or mortagage commercial promises "we pay your closing costs." But what does that mean exactly?

First, you need to know that the "closing" is the final step in a home buying transaction. At closing, the buyer pays the purchase price to the seller (usually with proceeds from a loan) and the seller gives the buyer a deed transfering title to the property to the buyer.

Along with the money to buy the home, the buyer has usually acrued some other charges that need to be paid. At closing, the buyer's lawyer collects the monies for these debts and makes sure everything and everybody has been paid.

Some of these debts can be: appraisal fees, inspection fees, banking fees, mortgage payoffs (for the seller), recording fees, and of course the lawyers fees. Trust me when I say, the list above is by no means complete. But if you want to learn more I strongly suggest attending my free home-buying class, Wednesday March 16 from 6-8pm. Give me a call and I'll sign you up. (919) 423-1072