Answer: Closing costs refers to fees paid to complete a real estate transaction. These costs may include: application fee, appraisal fees, title searches, title insurance and so on.
Explanation:
Closing costs are the expenses, over and above the price of a property that buyers and sellers paid at the closing of a real estate transaction. It takes place when the title of property is shifted from the seller to the buyer. Closing costs are paid either by the buyer or seller.