What are “closing costs”? Who pays for what?

Updated March 13, 2023.

“Closing costs” are all of the expenses incurred, over and above the purchase price, in connection with closing. The buyer and the seller are each responsible for various closing costs associated with the transfer. Although your attorney will notify you of many of these costs, please be aware that your attorney has no control over a majority of these charges. Most of them are charged by the government, surveyors, abstract companies, real estate agents or, in the case of a buyer, by the buyer’s lender. The responsibility for payment of these charges is established either by law or by your contractual agreements.

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