Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.

These "good-faith" estimates are just estimates. The lender's charges will be fairly accurate, but the charges for attorneys, termite inspections, title insurance, and other items that appear on the closing sheet may vary from the estimate. Some pro-rated items, such as taxes or homeowner's association fees, will also be different if you don't close on the date that was used to calculate the estimate. The purpose of the disclosure law is to give you a ballpark figure of your closing costs.

Please see below for customary closing costs to buyers but not limited to:

* 40% of the premium for standard coverage title insurance and any additional costs relating to the insurance of extended coverage policy (including a lender’s policy).

* Costs of drafting mortgage and note or agreement of sale.

* Buyer’s notary fees.

* All recording fees except documents to clear Seller’s title

* 50% of Escrow’s fees.

* Condominium and Association ownership transfer fees.

* FHA or VA discount points and any mortgage fees.

* Home inspection fees