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What are closing costs?

On Behalf of | Dec 22, 2022 | Real Estate |

Closing costs will accompany the purchase of any home unless you successfully negotiate to get rid of them. Some sellers will agree to pay part or all the closing costs, but it is often the buyer’s responsibility to pay.

When you understand what closing costs are, you can plan and get your budget in order.

Property taxes

Purchasing a home will require you to pay off the property taxes for the remainder of the year. Generally, you will pay these fees as part of the closing costs. Make sure you know ahead of time how much property taxes are, as well as how much you will need to pay. The amount you owe will depend on several factors including location and the time of year.

Appraisal

Having the property you want to buy appraised can help you determine whether the listed price is a fair asking price. According to U.S. News, sometimes you need to pay this fee upfront, but other times, closing costs might include the price of the appraisal. If an assessment of the home’s value comes lower than the asking price, you could negotiate a lower cost.

Inspection

A home inspection will give you peace of mind about the condition of the property you want to buy. A detailed inspection of the home can uncover structural concerns and other quirks that could end up costing you a lot of money. Based on the findings of an inspection, you can make a confident decision about whether to go forward with the transaction.

Closing costs can include several other fees such as earnest money, HOA transfer fees, home insurance and title-related costs. You have the right to see a breakdown of these costs so you can know exactly what you will pay.

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