The following are a list of expenses that will be incurred during the closing of your home:
Legal Fees It is important to have a notary or lawyer look after the legal details necessary for closing. The fees vary but you can allow approximately $700 in lawyer’s fees for the sale of your home and $900 for the purchase of your new home (rates will differ with different notaries/lawyers).
Mortgage Fees Depending on your lender, you might be charged appraisal and loan application fees.
Survey A survey or title insurance is required by all lenders to ensure that the house they are mortgaging is fully within its lot lines (for single detached homes). Surveys start at about $900, but will increase with the size of the property.
Title Insurance Most mortgage lenders will accept a Title Insurance Policy instead of a survey and these cost about $250-$300. Your mortgage broker or bank will talk to you about this.
Disbursements Cost about $300 - $500 and are the extra fees that the lawyer places in your bill for expenses such as registering the deed and mortgage, hydro, water, status reports, etc.
Adjustments Any rents, mortgage interest, property taxes and utility charges shall be apportioned between the buyer and the seller. The closing day is charged to the buyer.
Moving Costs Moving costs vary depending on the distance and the amount of possessions moved. It would be beneficial to get a few estimates before choosing your mover, and you will want to book well in advance.
Miscellaneous Consider the one-time installation fees such as cable, phone, utility, etc., as these add up.
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