What are the expenses involved in closing a real estate transaction?

Closing costs encompass all the expenses required to complete the real estate transaction. These expenses may consist of, but are not limited to, fees for conducting a survey, taxes related to the transfer of property ownership, insurance fees for protecting the title, charges for settlement services, fees for agents involved, fees for points, charges for loan origination, and the remaining amount of your initial payment.
Before the completion of the transaction, it is important for you to carefully examine your final closing statement or HUD-1 Statement (in case it is being used) in order to ensure accurate calculations and proper credit for deposits and other agreed-upon credits between the buyer and seller. Additionally, you should verify the correctness of all fees charged by the lender, title company, and escrow service.