Buying A Home
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? about Settlement/Closing

Are Settlement Cost and Closing Cost the same thing?

Or are the settlement cost specifically for the buyer to pay? 

 

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Re: ? about Settlement/Closing

  • Yes, Settlement Costs and Closing Costs are the same thing.  Usually all Settlement Costs are paid by the buyer, unless the seller has agreed to pay a percentage of those costs.
  • imagecincychick35:
    Yes, Settlement Costs and Closing Costs are the same thing.  Usually all Settlement Costs are paid by the buyer, unless the seller has agreed to pay a percentage of those costs.

    Ok in our contract is says seller is to pay $6000 of our closing costs.  Listed in our settlement cost is the appraisal fee, but we paid that, so should we get that money back? 

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  • imagejrsmama2010:

    imagecincychick35:
    Yes, Settlement Costs and Closing Costs are the same thing.  Usually all Settlement Costs are paid by the buyer, unless the seller has agreed to pay a percentage of those costs.

    Ok in our contract is says seller is to pay $6000 of our closing costs.  Listed in our settlement cost is the appraisal fee, but we paid that, so should we get that money back? 

    If you paid your appraisal fee prior to closing (for example to your loan officer);  your settlement statement should reflect that the appraisal was paid outside of closing (POC).  That means it will be noted it was paid, but you won't have to pay for it again.

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