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Closing costs
Closing costs, some but not all of which are tax deductible, include:
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| The down payment
balance, which is the amount you still owe the seller
in cash |
|
Discount points,
up-front interest charges paid
to the lender, if required |
| A filing fee and
other fees required for recording the transfer of
ownership, paid to the local authorities |
| A mortgage tax,
which is paid to the state where the sale occurs |
| Attorney’s
fees for both your lawyer and the lender’s lawyer |
| Real estate taxes,
which are paid to the seller to cover your portion
of taxes that have already been paid for the year |
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