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Tuesday, 20 November 2012

The costs of buying and selling a home

Saving up for a down payment on your first home can be a long process, and once that goal has been reached, the additional costs to purchase a home are often forgotten. Legal fees, property tax adjustments and interest adjustments are among the most commonly overlooked fees associated with buying or selling a home. In this article from Moneysense, Gail Vaz-Oxlade gives an overview of the costs you should be prepared to pay before signing for your first mortgage.

When buying a home, you will need a lawyer to close the deal. Legal fees will vary depending on the lawyer you choose, so it is a good idea to consult your Mortgage Broker, who will be able to provide recommendations. It also doesn't hurt to shop around a little and compare who charges what. Vaz-Oxlade recommends going to a lawyer who specializes in real estate law, as chances are you will pay less.

For those who are new to the home buying experience, paying a "property tax adjustment" may come as a surprise, but the process is actually quite simple. If the current occupant of the home you are purchasing has paid property taxes for months that you will be living in the house, as the new occupant, you are responsible for paying those back. Your real estate lawyer will take care of the calculations and reimburse the seller.

Follow the link for the full article from Moneysense.

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