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Closing Cost
       
 
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Closing Cost

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Closing Cost
Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Also called "settlement cost."
    
The point in time at which the contract is actually executed and the title to the property is conveyed to the buyer is known as the "closing". It is common for a variety of costs associated with the transaction (above and beyond the price of the property itself) to be incurred by either the buyer or the seller. These costs are typically paid at the closing, and are known as closing costs.
    
Some of the examples of closing cost are, Title service cost(s), Document or Transaction Stamps or Taxes, Brokerage Commission, Mortgage Application Fees etc.
Posted by  LISA Life Insurance Settlement Association
 
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