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

Banks use asset-depletion underwriting for retirees: They total your liquid assets, subtract your down-payment and closing costs, divide by 360 months, and add that to your monthly income.

From MarketWatch

With a VA loan, borrowers only need to cover standard closing costs, which are similar for both types of loans.

From The Wall Street Journal

Resellers and lenders usually pass at least some of these fees onto borrowers in closing costs.

From The Wall Street Journal

Other incentives might include helping buyers secure a lower mortgage rate or offering to pay some closing costs.

From BBC

And if you’re taking out a loan to finance the renovation, you’ll also have to factor in interest rates, closing costs and other loan fees.

From Salon