In addition to the deposit for property purchase, buyers will also incur
closing costs together with any costs associated with the loan. Closing
costs for the buyers taking a mortgage are typically about 2% of the
price of the home.
Contract closings usually involve the buyer in the following costs:
Mortgage application fees
Survey fees
Appraisal fees
Inspection fees
Document & intangible taxes on the mortgage
Recording fees for the mortgage
Lender's title insurance
Title Agent fees
Most of these fees do not apply to cash purchases without a loan, in which
case closing costs will be a few hundred dollars.