Closing Costs

Business / Taxes / Closing Costs: When you purchase real estate, there are expenses — known as closing costs — you pay to finalize the transaction, over and above the cost of the property. In some cases, the seller may offer to pay certain closing costs to attract buyers or close the sale more quickly. Closing costs vary depending on the area where the property is located and are either prepaid or non-recurring. Prepaid costs are expenses that recur periodically, including home insurance premiums and real estate taxes. Non-recurring costs pay for securing a mortgage and transferring the property, and may include a filing fee to record the transfer of ownership, mortgage tax, attorneys’ fees, credit check fees, title search and title insurance expenses, home inspection fees, an appraisal fee, and any points, or up-front interest charges, you have agreed to pay the lender. The lender will give you a good faith estimate (GFE) of your closing costs before the closing date, so you’ll know approximately how much money you need to have available at closing — usually 5% to 10% of your mortgage. Many closing costs are tax deductible, so it’s a good idea to consult with your tax adviser.

Non-Recurring Adoption Costs

Life Style / Adoption / Non-Recurring Adoption Costs: One time adoption expenses, which may be at least partially reimbursed by states up to a maximum amount to families adopting children with special needs. Allowable expenses for this reimbursement bene MORE

Opportunity Costs

Business / Finance / Opportunity Costs: The difference in the performance of an actual investment and a desired investment adjusted for fixed costs and execution costs. When not all desired trades can be implemented. Most valuable alternati MORE

Post-Closing Trial Balance

Business / Accounting / Post-Closing Trial Balance: A listing of all real account balances after the closing process has been completed: provides a means of testing whether total debits equal total credits for all real accounts prior to beginning a new MORE

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