Closing costs can accumulate in one of two categories:
Who pays closing costs?
The actual responsible party for closing costs is generally the borrower. There are some situations, however, where the seller or the lender might pay some or all of the associated costs of closing a real estate transaction.
What might figure into closing costs?
There are a number of charges that can be added into closing costs. The total amount to anticipate in this type of fee is between 3% and 6% of the total amount of money borrowed. Some of the charges that might appear in closing costs include: