BUSINESS HIGH SCHOOL

Why are closing costs a one time fee?a.

Payment of closing costs is required because it is a sign to the lending institution that the investor has every intention of making payments on time.
b.

If closing costs were paid over time, they would most likely be forgotten and never paid off.
c.

Most home buyers pay for their houses in full, and consequently pay for the closing costs in full as well.
d.

The closing costs cover titles, taxes, and realtor costs. After closing, the only monetary obligation is to the lending party.

Answers

Answer 1
Answer:

Answer:

D BOYS

Explanation:
Answer 2
Answer:

Final answer:

Closing costs are a one-time fee because they pay for necessary services when buying a property, including title searches, loan origination fees, and realtor commissions. These costs are required to be paid at close to finalize the transaction and establish trust with the lender.

Explanation:

Closing costs are a one-time fee because they cover a variety of services and costs required to finalize the purchase of a property. These include title searches, loan origination fees, realtor commissions, and transfer taxes. After the closing of the purchase, the buyer's only remaining obligation is to repay the loan to the lender.

The reason these costs are paid in one lump sum at close rather than spread out over time is two-fold. Firstly, many of the services provided in these costs are required to be completed before the transaction can be legally closed. Secondly, by paying these costs upfront, the buyer ensures a clear transition of ownership and helps to establish trust with the lender.

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Answers

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