Other common deferred expenses include startup costs, the purchase of a new plant or facility, relocation costs and advertising expenses. Both prepaid expenses and deferred expenses are important aspects of the accounting process for a business. As such, understanding the difference between the two terms is necessary to report and account for costs in the most accurate way.
Tip: Get the lender to pay the closing costs. If you're short on cash for the closing costs and can't roll the closing costs into the mortgage, some lenders will pay part or all of the closing costs, but in exchange you'll have to pay a higher interest rate on the loan, perhaps 0.25% or 0.50% higher.
When you sell your home you should know your typical closing costs for a seller. The most important thing for sellers should be the bottom line figure they walk away with. You must understand that what you walk away with is more important than your gross sales price.itle Fees-This will vary on sales price and title company, but most title companies will range in the $1,200($100,000 purchase price) to $3,000 ($1,000,000 sales price) expense. The seller in Illinois is responsible for paying the title insurance.