What are expenses incurred by buyers and sellers during a property ownership transfer typically referred to as?

The term used to refer to the expenses incurred by buyers and sellers during a property ownership transfer is "Closing Costs." These costs can include a variety of fees and expenses that are typically settled at the closing of a real estate transaction. This can encompass a range of charges, such as title insurance, appraisal fees, attorney fees, and loan origination fees, among others.

Closing costs are essential to understand for both buyers and sellers, as they can significantly impact the overall financial obligation of the real estate transaction. It's important for parties involved in a property transfer to be aware of these costs ahead of time, as they can affect negotiation and financial planning during the sale process.

Other terms like "Operating Costs," "Transaction Fees," and "Service Fees" may apply in different contexts, but they don't specifically denote the costs occurring during the finalization of a property transaction in the same way that closing costs do.