closing costs

American  

plural noun

Personal Finance.

1. fees charged to a purchaser by a bank, lawyer, etc. for services related to a sale, as title search, appraisal, etc.

2. any expenses over the purchase price of a house, land, etc., that is paid by the purchaser or seller at the completion of the sale.

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Example Sentences

Some lenders offer free refinances with no closing costs as a way to keep your business.

From MarketWatch

They bought the house in December for about 4% below the listing price, and the seller covered some of their closing costs.

From The Wall Street Journal

To buy a mobile home in the price range of the one you’re referencing, you’ll need enough money for the down payment, closing costs and land rent.

From MarketWatch

Their builder discounted the home’s price and contributed toward their closing costs, he said.

From The Wall Street Journal

In terms of dollars, in 2024, the median home cost was $412,500, which means the potential homeowner would need $26,800 in cash to cover both the closing costs and a 3.5% down payment.

From MarketWatch