What are the expenses called that are incurred during the transfer of ownership of a property?

The expenses incurred during the transfer of ownership of a property are classified as closing costs. These costs encompass a variety of fees that both the buyer and seller must pay at the closing of a real estate transaction. Closing costs can include services such as title searches, appraisal fees, attorney's fees, and escrow fees, among others.

As the closing process finalizes the sale and signifies the legal transfer of the property, all associated costs that facilitate this process fall under the umbrella of closing costs. Understanding these costs is crucial for both buyers and sellers, as they can significantly impact the overall financial requirements of a transaction.

In this context, while transfer fees, ownership fees, and recording fees may be part of the broader category of closing costs, these terms refer to specific aspects or components rather than the comprehensive range of expenses involved in closing a property sale. This distinction emphasizes why closing costs is the appropriate terminology for the totality of expenses associated with the transfer of ownership.