Closing

Closing

In some states a real estate transaction is considerd 'closed' only when all the pertinent documents are recorded at at the local recorders office. In others, closing is a meeting between the buyer, seller and lender or their agents where all documents are signed and funds legally change hands. Clsoing is also called settlement and includes fees like origination fee, discount points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. The cost of closing is usually about 3 percent to 6 percent of the mortgage amount.