New homebuyers are usually familiar with the idea of saving for a downpayment. However, many are surprised by fees charged at the end of the transaction. These fees are known in the real estate industry as “closing costs.”
For those who don’t live and breathe real estate, it is often a mystery how Realtors are paid. Those who are buying or selling a home may wonder to themselves, “how is my real estate professional compensated for their services?” The answer and the break down are rather simple in most cases.