What Are Standard Closing Costs

Closing costs are made up of four categories: real estate commissions, escrow and title fees, transfer taxes, and miscellaneous items. You should know what these are before selling.

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The only way to deduct closing costs, such as property tax, is by using itemized deductions. You cannot take a standard deduction and also deduct your closing costs, so you have to decide which one.

Summary: Home buyer closing costs in Washington State range from about 1% to 3% of the purchase price, on average. But there are many variables that can affect the total amount you pay at closing.

Closing costs are the extra expenses that buyers and sellers pay on top of the purchase price at settlement of a real estate transaction. Closing.

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Standard real estate closing costs. There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.

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The closing costs of a home refinance generally include credit fees, appraisal fees, points (which is an optional expense to lower the interest rate over the life of the loan), insurance and taxes, escrow and title fees, and lender fees.

The closing costs of a home refinance generally include credit fees, appraisal fees, points (which is an optional expense to lower the interest rate over the life of the loan), insurance and taxes, escrow and title fees, and lender fees.