The fees incured from borrowing money to purchase a property, faciliate the sale of a property, and transfer the ownership of a property. The wikipedia article on the topic includes a more formal definition and a list of examples. Many items lumped into this category are negotiable, and none of them need to be a complete mystery. Most closing costs assessed by lenders are included in good-faith estimates, and often title companies can generate a preliminary HUD statement (listing closing costs in detail) prior to the final hour (closing) for you to look through at your leisure or with your Real Estate professional.
Filed under: Decoding the Lingo
