Definition
The fees and prepaid items paid at settlement, separate from the down payment, typically 2% to 5% of price for buyers.
Example
Lender fees, title charges, recording, and prepaid escrow together totaled $11,400 at closing.
Related terms
Frequently asked questions
What does Closing Costs mean in real estate?
The fees and prepaid items paid at settlement, separate from the down payment, typically 2% to 5% of price for buyers.
How is Closing Costs used in practice?
Lender fees, title charges, recording, and prepaid escrow together totaled $11,400 at closing.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.