JESSICA BACAL, a lawyer in Katonah, N.Y., represented a buyer last week who was closing on a $1 million-plus house with a $765,000 mortgage in Westchester County. In reality, though, the cost of the home was more like $1 million-plus-plus-plus, because at the closing, many more costs were added — taxes and fees that together are known as closing costs.
For this house, the buyer’s closing costs, including some prepaid interest and taxes, totaled almost $40,000. In fact, experts said, the total fees paid by both the buyer and seller can amount to as much as 7 percent of the sale price.
read the rest of the article at: It’s Another Closing, Another Cost – New York Times.