Before a buyer makes an offer I create an estimation of what his or her closing costs will be. I can get pretty close when the sale if for cash. However, if a buyer is financing the purchase, then it is important for him/her to speak clearly with the loan officer to get a "good faith estimate" of the charges and fees the bank will require. These can add up quickly and it is important for buyers to know what each one means and what it covers. Ask questions and expect to get direct and easy to understand answers.
The above chart will help you a bit and perhaps make things clearer. Some of the items may not apply to you depending on whether you are paying cash, getting a conventional mortgage, or perhaps trying for an FHA/USDA/VA loan. Again, when you don't know, ASK! You can click on the chart to see a slightly larger version.
I would also be happy to assist you in any way that I can. I am not a licensed mortgage broker, but I do understand much of the process. And if I don't know the answer I can probably point you so someone who does.
John Elwell - REALTOR at CENTURY 21 Bill Nye Realty, Inc. 813-783-4444. Licensed in Florida.
Handout Source: Florida Association of REALTORS handout