Don’t Forget the Closing Costs
Moving expenses, new appliances and service hook-up fees: Costs vary widely for these. Shop around and budget for them.
1. Land transfer tax: buyers must pay this to the government when the property's title passes from the seller.
2. Lawyers fees: these vary and range from $700-$1500. I have preferred financing available and can refer you to a lawyer who offers a competitive legal package.
3. Appraisal fees: lenders require written estimated values of a property which is prepared by a qualified appraiser. A fee is charged for a real estate appraisal because of the requirement of an outside professional opinion. Appraisal fees range depending on need starts at $300.
4. Title insurance: may be purchased in lieu of a land survey in some cases. Title insurance provides protection against several defects such as problems with the property that would have been revealed by an up to date land survey.
5. Mortgage insurance: if you are buying a home for less than 20% down payment you will need to pay a premium depending on the mortgage amount and amortization of the mortgage.
6. Home inspection fee: the home inspection is an objective visual examination of the physical structure and systems of a house and costs between $350-400, make sure to get the right advice.
7. Adjustments: depending on your closing date you may have an interest adjustment date which is the interest period from the day of advancing the mortgage to the 1st day of the next month.
8. Pre-paid property taxes: if a seller has paid taxes in full for the year there may be a required adjustment pro-rated to end of year in the tax portion paid.
9. Home Fire insurance: When you have a mortgage the requirement is to carry adequate insurance
10. Moving expenses: depending on your move, if you need movers or are you renting your own truck to move, each has a cost you may want to budget for.
11. Repairs and renovation budget: Owning a home will require you to ensure you have a budget to cover any unexpected repairs or renovations.
12. Other costs: purchase of appliances, furniture, shovels, rakes ect....
13. Utilities: your lawyer will contact the utility companies for a final reading, make sure you contact the utility offices as the payments going forward are your responsibility.
14. Cable, television and phone: Make sure you contact for hook up
If you need any of the services listed above please feel free to ask about my trusted professional network and I would be happy to make a recommendation.
CENTURY 21 B.J. Roth Realty Ltd., Brokerage*