Definition - What does Closing Costs mean?
Closing costs are fees which become due and payable in a real estate transaction at the point where the title of the property is handed over from the buyer to the seller. It is normal that the buyer pay the closing costs. Closing costs are the accumulated fees associated with the transaction such as fees for processing paperwork and attorney's fees. If it is agreed between parties, the seller can take on the closing costs.
Justipedia explains Closing Costs
Closing costs can include a fee which is equivalent to a percent of the mortgage value. All closing costs can be different from one property purchase to the next as they are based on the specifics of the property and not all property has the same limitations. There is no definite time frame in which closing costs must be presented.