The expenses, over and above the actual cost of the property that the home buyers and sellers normally incur to complete a real estate transaction. These costs incurred include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges. closing means the time at which a real estate contract is actually executed and the title to the property is conveyed to the buyer .It is common for different costs associated with the transaction to be incurred by either the buyer or the seller. These costs are typically paid at the closing, and are known as closing costs.