Closing costs

{
  "id": "MLC-T-ECS-000299",
  "term": "Closing costs",
  "field": "Economic statistics",
  "term_source": "Closing Costs",
  "definition": "The closing costs are costs customarily chargeable to the buyer for items that are incidental to the transaction. These costs include the initial service charge of the mortgage, cost of title search, charges for the preparation of deed and mortgage documents, mortgage tax, recording fees, and similar items. For houses sold with FHA-insured mortgages, they include an examination or application fee. Items not included in closing costs are deposits for un-accrued taxes, insurance premiums, and similar items that are treated as pre-payable expenses. (This item has been discontinued and was last included in the Characteristics of New Housing statistics in 2007.)",
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/closing-costs/"
}