Closing Costs An important part of buying a house is the

Chapter 11, Problem 11.1.257

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Closing Costs An important part of buying a house is the closing. The exact procedures for the closing differ with individual cases and in different parts of the country. In any closing, however, both the buyer and the seller have certain expenses. To determine what is involved in the closing of a property in your community, contact a lawyer, a real estate agent, or a banker. Explain that you are a student and that your objective is to understand the procedure for closing a real estate purchase and the costs to both buyer and seller. Select a specific piece of property that is for sale. Use the asking price to determine the total closing costs to both buyer and seller. The following is a partial list of the most common closing costs. Consider them in your research. a) Fee for title search and title insurance b) Credit report on buyer c) Fees to the lender for services in granting the loan d) Fee for property survey e) Fee for recording of the deed f ) Appraisal fee g) Lawyers fee h) Escrow accounts (taxes, insurance) i) Mortgage assumption fee