Your Complete Guide To Closing Costs: Everything You Need To Know

Closing costs are additional expenses incurred by home buyers during the process of purchasing a property. These costs typically range from 1.5% to 4% of the purchase price and include various fees and expenses such as home inspection fees, deposits, land transfer tax, legal fees, title insurance, and more. Some costs are financed in the mortgage, while others must be covered by the buyer separately. It's essential for buyers to plan for these costs to avoid any financial surprises during the closing process.