The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom.

On the day you close escrow on your new property, in addition to your down payment, there will be prepaid property tax, homeowners insurance premiums, and you'll also need cash for other various fees associated with the purchase. These expenses are known as closing costs and are paid by both buyers and sellers at the time of close of escrow.
Some of these closing costs you pay up front when you apply for the mortgage loan. That includes money for a credit check on all applicants and an appraisal on the property. Keep in mind that even if you don't eventually receive the loan, that money is not refundable. Other closing costs are possible and should be considered when evaluating your financial situation:

• Title insurance fee
• Survey charge
• Loan origination fee
• Escrow fees
• Document preparation fee
• Garbage or trash collection fees
• Points - up-front interest paid in return for a lower interest rate. Each point is one percent of the loan amount. Sometimes you can contract for the seller to pay your points

NOTE: Consider closing costs when choosing one mortgage plan over another.
The good news is that if your cash is limited, some mortgage plans allow the seller to pay some or all of your closing costs, such as title insurance, escrow fees, and points. Certain closing costs can sometimes be added to the amount of mortgage loan you're receiving.

Buyer closing costs
When a buyer applies for a loan, lenders are required to provide them with a good-faith estimate of their closing costs. The fees vary according to several factors, including the type of loan they applied for and the terms of the purchase agreement. Likewise, some of the closing costs, especially those associated with the loan application, are actually paid in advance. Some typical buyer closing costs include:

• The down payment
• Loan fees (points, application fee, credit report)
• Prepaid interest
• Inspection fees
• Appraisal
• Mortgage insurance (typically 1 years premium plus an escrow of 2 months)
• Hazard insurance (typically 1 years premium plus an escrow of 2 months)
• Title insurance
• Documentary stamps on the note

Buyers Resources:
Getting Your Finances in Order
Inspections & Inspectors
Mortgage 101 Hints & Tips
Real Estate Glossary