What are closing costs?

Closing costs are fees associated with closing on a residential real estate property in New Mexico. These fees are paid by either the buyer or seller, or may be split between both parties. Closing costs include fees for legal services, such as title searches and real estate lawyer fees, as well as taxes and other local government fees. Additional closing costs may include fees for appraisals, surveys, and inspections. The lender may also have additional fees associated with the loan process, such as origination fees or points. All closing costs are disclosed to both parties in the purchase contract for the property. It is important to understand the fees associated with a real estate transaction so that you can plan for them in your budget.

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