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Closing costs are fees and expenses incurred during the closing of a real estate transaction. These costs, like lender fees, title fees, and attorney fees, are typically paid by the buyer but can also be negotiated to be paid by the seller. Pre-paids are expenses that are paid in advance at the time of closing to cover certain ongoing costs related to homeownership. These expenses, like property taxes or homeowners insurance, are typically prorated and paid upfront to ensure there are sufficient funds for these expenses.

A home inspection examines a property's safety and current condition. A buyer typically arranges and pays for a home inspection and depending on the findings may choose to move on to closing, renegotiate the sale price, request repairs, or back out of the deal. A home inspection is not the same as a home appraisal, which is required by a lender to determine the value of a property for which a buyer is seeking a mortgage.