Closing Cost Quotation
We understand that buying a home is one of the biggest investments you'll ever make. We understand the importance of knowing your expenses so you can budget accordingly. That is why our real estate lawyers let you know, up front, all of your closing costs with no unpleasant surprises.
When you're ready to buy a home, it's important to have some cash assets ready to cover the costs that cannot be covered by your mortgage. A fragment of these expenses that are required to be paid in cash are known as the closing costs.
It's important that all buyers have a basic understanding of what the different closing costs are so they can prepare them ahead of time. We have outlined some typical closing costs, you'll be required to pay only once.
Non-Recurring Closing Costs
You are supposed to pay non-recurring closing costs only once when you close upon your home. They can include the following:
- Home inspection - As a buyer this is likely to be the first closing cost you will have to pay. This is the cost that buyer has to pay even if they choose to withdraw an offer because they were not satisfied with the results of an inspection.
- Title insurance - This is the insurance that provides coverage for any losses resulted from a defective title or liens on the property. Insurance covers any legal fees paid to fix related issues.
- Appraisal fee - Before a mortgage lender approves your loan, they perform a property appraisal to ensure that your home is at least worth the amount they are lending you.
- Lawyer fees - Your lawyer is the one that processes all of the required paperwork and deals with the seller's lawyer. A real estate lawyer usually charges a flat-rate fee for his or her services.
- Various administrative fees - A buyer may be required to pay the fees to record the sale, prepare documents, and other expenses that require a wire transfer or a courier to complete the transaction.
Want to find out your closing cost quotation? Contact our real estate lawyers today.
We serve: Toronto, Mississauga, Brampton, Caledon, Markham, Etobicoke, Scarborough, Richmond Hill, Ajax, Aurora, Pickering, Don Mills, Weston, North York, East York, Rexdale, Willowdale and Downsview.