Which factor is NOT a consideration for determining a Member’s closing costs?

Owner's title insurance is not a consideration for determining a Member’s closing costs because it is typically the responsibility of the seller to provide this insurance as part of a real estate transaction. Closing costs refer to the expenses necessary to finalize a mortgage or a property sale, which usually involve various fees that are generally associated with the closing process, such as appraisal fees, recording fees, and tax service fees. These costs are often calculated and included in the buyer's out-of-pocket expenses when finishing the transaction.

In contrast, the appraisal fee assesses the value of the property, the recording fees are charged for recording the property deed, and tax service fees ensure that property taxes are paid in a timely manner. Understanding which costs are the responsibility of the buyer versus the seller is key in navigating closing expenses effectively.