What are closing costs?

Closing costs are the costs associated with the transfer of a residential real estate property from the seller to the buyer. In Kansas, buyers and sellers must agree upon these costs before the sale is legally finalized. Closing costs typically include things such as title fees, escrow fees, recording fees, mortgage fees, appraisal fees, and fees for the services of a real estate attorney. Buyers are typically responsible for the majority of the closing costs, which are included in the purchase price of the property, while sellers may be responsible for things such as the deed transfer tax. In general, closing costs in Kansas can range anywhere from two to five percent of the property’s purchase price. It is important to understand the closing costs associated with a real estate transaction before signing a purchase agreement in order to avoid surprises at the closing table.

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