closing costs

Definition

Fees and expenses, over and above the price of the property, incurred by the buyer and/or the seller in the property ownership transfer. Examples are title searches, lawyer's fees, survey charges, and deed filing fees. also called settlement costs.

Use closing costs in a sentence

The closing costs were pretty high and I did not know if we would be able to afford to buy anything.

​ Was this Helpful? YES  NO 9 people found this helpful.

When I bought my house last spring, the seller agreed to pay the closing costs in order to secure the sale

​ Was this Helpful? YES  NO 11 people found this helpful.

When my wife and I bought a house, we negotiated to have the seller pay our closing costs by giving money directly to the real estate agents and lawyers.

​ Was this Helpful? YES  NO 5 people found this helpful.

Show more usage examples...

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
PITI reserves total loan amount