Closing Costs Explained | Summary and Q&A

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March 19, 2021
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The Real Estate Lawyer
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Closing Costs Explained

TL;DR

Real estate attorney Tiffany Webber explains the various closing costs involved in buying or selling a house.

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Questions & Answers

Q: What are some common buyer closing costs?

Buyer closing costs typically include lender charges, prepaid expenses like homeowners insurance, register of deeds fees, and miscellaneous expenses such as inspections and survey fees.

Q: Are seller closing costs the same as buyer closing costs?

Seller closing costs are different and usually include commissions, loan payoff, taxes, deed stamps, and in some cases, HOA breakup fees or repairs.

Q: Can seller closing costs be deducted from the proceeds?

Yes, seller closing costs are typically deducted from the proceeds received from the sale. Sellers do not need to bring a check to the closing.

Q: Are all closing costs disclosed on the closing statement?

While the provided list covers most closing costs, it is not exhaustive. There may be other costs depending on the specific transaction. However, the list provides a good overview of what to expect.

Summary & Key Takeaways

  • Buyer closing costs include lender charges, such as origination fees and appraisal costs, as well as register of deeds fees and prepaid expenses like homeowners insurance and interest.

  • Seller closing costs include commissions, loan payoff, taxes, and deed stamps.

  • Additional costs may include HOA breakup fees, repairs, and seller-paid closing costs.

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