Non-Recurring Closing Costs
Definition
- Fees that are paid once, usually at a real-estate closing. Closing costs can include origination fees, appraisal costs, points, and title insurance.
Notes
Non-recurring fees at closing are those that are paid once such as a property inspection or property appraisal fees. Recurring fees are those that are paid again and again such as property taxes, condo fees and property insurance.
Synonyms
one-time closing costs
Acronyms
NRCC
Related Terms and Acronyms
- Closing — Definition,
- In real estate, the delivery of a deed, the payment of the purchase price, the signing of notes, and the paying of closing costs, which completes a real estate transaction.
- Closing Costs — Definition,
- The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
- Early Closing Cost Reimbursement — Definition,
- Some line-of-credit lenders waive underwriting costs when a line is opened in anticipation of future profits. If a line is then closed early, these institutions impose those fees retroactively.
- Pre-paid Expenses — Definition,
- also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
- Roll In — Definition,
- To include certain closing costs, such as origination and settlement fees, in the mortgage.
- Up-front Costs — Definition,
- The costs that must be paid at the time of signing a car lease agreement. These can include the first month's payment, a refundable security deposit, a capitalized cost reduction or down payment, taxes, registration and other fees.
