Sometimes also referred to as the settlement . A single fee that a home buyer must pay at closing. Closing costs are made up of individual closing cost items such as origination fees, escrow fees, underwriting fees and processing fees. Most closing cost items are included as numbered items on the HUD-1 Settlement Statement. Sometimes called transaction costs.
Lenders usually provide estimates of closing costs to prospective homebuyers.
An accounting of funds from a real property transaction made to both the buyer and seller. See HUD-1 statement. Any conditions such as encumbrances, liens or claims revealed by a title search that adversely affect the title to real estate. Clouds on title often cannot be removed except by a quitclaim deed, release, or court action. Compare with clear title.