29 | Closing Costs: The Costs Beyond the Purchase Price

Agreed.

But I would say is one of the most important things to understand before you get into a transaction, which is going to be closing

costs.

We talk so much about purchase price and down payments and interest rates and what your home is worth.

And there is a number of additional costs that comes with actually completing a real estate transaction.

That's what we want to focus on today.

And depending on whether or not you're buying, selling or refinancing, those costs can look very different.

A

hundred percent.

And I think that we as agents, we like use the term closing costs as like a blanket statement, which it is.

And I think it's so important that we actually break it down.

And so this is one of the areas where people, they feel like they understand the numbers because they've been given a purchase price.

They've been given a mortgage amount, right? They know what their down payment is.

But then the lawyer statement comes in.

And there's suddenly all these like additional line items, basically.

Some of them are expected and some of them can be really transaction specific.

And some of them and all of them, in fact, are quite significant and significant to understand.

Maybe not monetarily significant, but significant to understand just like what you're paying for.

So today we just want to walk through the majority.

We want to hit the major closing costs, basically explain what they're actually for and hopefully just give people like our listeners just a better idea of what they should be thinking about financially before they get to the closing table.

And so that is kind of something that we, you know, we're like, hey, just budget for closing costs.

But like, I know I'm...

And I know I'm guilty of saying that to clients where I'm like, yeah, the lawyer will be about this much or whatever.

Or, you know, this will cost this.

But it's so important that we actually break it down.

Agreed.

But I would say is one of the most important things to understand before you get into a transaction, which is going to be closing

costs.

We talk so much about purchase price and down payments and interest rates and what your home is worth.

And there is a number of additional costs that comes with actually completing a real estate transaction.

That's what we want to focus on today.

And depending on whether or not you're buying, selling or refinancing, those costs can look very different.

A

hundred percent.

And I think that we as agents, we like use the term closing costs as like a blanket statement, which it is.

And I think it's so important that we actually break it down.

And so this is one of the areas where people, they feel like they understand the numbers because they've been given a purchase price.

They've been given a mortgage amount, right? They know what their down payment is.

But then the lawyer statement comes in.

And there's suddenly all these like additional line items, basically.

Some of them are expected and some of them can be really transaction specific.

And some of them and all of them, in fact, are quite significant and significant to understand.

Maybe not monetarily significant, but significant to understand just like what you're paying for.

So today we just want to walk through the majority.

We want to hit the major closing costs, basically explain what they're actually for and hopefully just give people like our listeners just a better idea of what they should be thinking about financially before they get to the closing table.

And so that is kind of something that we, you know, we're like, hey, just budget for closing costs.

But like, I know I'm...

And I know I'm guilty of saying that to clients where I'm like, yeah, the lawyer will be about this much or whatever.

Or, you know, this will cost this.

But it's so important that we actually break it down.