We're talking right now about the real estate contract and the different parts. Right now we are talking about loan and closing costs. This is paragraph five of a real estate contract, and. It spells out who. Is responsible for what closing costs. Most people know about the down payment. That's the percentage that you pay down on your loan.
But closing costs are additional fees that are required sometimes by the bank, by the county, by the state, taxes, insurance. There's several people that need to be paid that can be wrapped up into closing costs.
So, this paragraph is where you can try to negotiate some of those being paid by the seller on your behalf or help your offer look even better by making sure that you're covering all yours, your own. And keeping it nice and clean. Hope this helps.
