Closing costs can vary depending on the location, property type, and other factors.
Common closing costs include:
Appraisal fees: This covers the cost of evaluating the property's value.
Title search and insurance fees: These protect against any title defects or claims.
Attorney or escrow fees: These cover the legal and administrative services involved in the closing process.
Tax prorations and transfer taxes: These fees ensure the property taxes are appropriately divided between the buyer and seller.
Lender fees: If financing is involved, the lender may charge origination fees, application fees, or discount points.