Closing Costs

Expenses of the sale that must be paid in addition to the purchase price (in the case of the buyer’s expense) or be deducted from the proceeds of the sale (in the case of the seller’s expense). Some closing costs result from legal requirements; others are a matter of local custom and practice. Sometimes the contract provides that one of the parties will pay part or all the closing costs. To avoid disputes, the contract to purchase should clearly define what items are included in “closing cost.”

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Posted in: Closing