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When you buy or sell a house, there are expenses involved. Some of them are the same whether you are buying or selling (eg. property tax adjustment).
Other expenses depend on whether you are the buyer or the seller. The lists below are not exhaustive, but they help to illustrate what types of costs to expect.
If you are selling your house, additional closing costs may include:
Occasionally, we here at Easy eLaw will agree to help someone sell their house, only to discover they have sold their house for less than the closing costs. If you are selling a property for a value close to the sum left on the mortgage, make sure you talk to your lawyer or realtor before accepting an offer. Otherwise, you may have to pay more money out-of-pocket just to sell the property.
If you are buying a house, you will not likely have to pay any realtor fees. However, you will still have:
Each type of closing cost could be the subject of its own article (let us know if you’d like to learn more about these). The key takeaway from this post is to ensure you are communicating with your lawyer, realtor, and mortgage broker early in the process.
You should speak with each of these advisors before making an offer to buy or accepting an offer to sell. When you hire our team at Easy eLaw, we ensure you have a full understanding of your closing costs so there are no unexpected surprises. It’s just that easy.