Definition, Meaning & Synonyms
settlement fee
noun
/ˈsɛtəlmənt fiː/
Definition
A settlement fee is a charge that may be incurred during the finalization of a real estate transaction.
Examples
- When buying a home, the buyer should budget for a settlement fee in addition to the purchase price.
- The settlement fee includes costs for title searches, credit reports, and other closing services.
- Before finalizing the deal, it’s important to review all the settlement fees listed in the closing statement.
Meaning
It refers to the cost associated with the closing of a property sale, covering various administrative expenses and services.
Synonyms
- closing cost
- escrow fee
- transaction fee
