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Closing costs are fees paid at the settlement of a real estate transaction. Settlement or Closing is when the title to the property is conveyed (transferred) to the Buyer and the Seller is paid. Closing costs are usually incurred by both the Buyer and the Seller. Examples of typical closing cost; Attorney (Lawyer) Fees, Title Company Fees, Recording Cost, Document or Transaction Stamps or Taxes, Survey Fee for a survey of the lot or land and all structures on it, Brokerage Commission, Mortgage Application Fees, Points, Appraisal Fees, Inspection Fees, Home Warranties, Private Mortgage Insurance (PMI), Pro-rata property taxes, Pro-rata Homeowner Association Dues and Pro-rata Interest.