All settlement or transaction charges (above and beyond the actual cost of the property) that home buyers (or sellers) need to pay at the close of escrow when the property is transferred. These typically include lender's fees and points or prepaid interest, a prorated share of the property taxes, transfer taxes, credit check fees, homeowners' and title insurance premiums, deed filing fees, real estate agent commissions, inspection and appraisal fees, and attorney's fees. Some closing costs are tax-deductible.