What are closing costs?

Closing costs are fees associated with the closing of a real estate transaction in California. They can include things like lawyer’s fees, title search fees, escrow fees, transfer taxes, and other costs. These costs can range from a few hundred dollars to over a thousand. The buyer of the real estate property is usually responsible for the majority of the closing costs. This includes paying for the title search, title insurance, loan related costs, and certain taxes. As well, the buyer may need to pay for items such as an appraisal, home inspection, and survey. The seller is usually responsible for paying for the escrow fees, along with any costs associated with fixing any issues with the title of the property. The seller may also be responsible for providing a title insurance policy, transfer taxes, and any other costs associated with the closing of the transaction. It is important to note that closing costs can vary greatly depending on the complexity of the transaction and the location of the property. It is also important to discuss closing costs with a real estate lawyer to ensure that all of the costs are fair and reasonable.

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