Once the deal is made, your journey isn’t over.
There is still paperwork to be done and calculations to be made.
If you are working with me, I will handle all those details for you, and ensure everything is done properly, including coordinating with your real estate lawyer.
So although there are many t’s to cross and i’s to dot, I will take care of those details. What a load off your shoulders!
How Much Do You Keep?
Once the sale is made, you will want to know how much you get to keep. There are a number of closing costs to consider.
- Legal fees. Lawyer’s fees vary, but often have structured fees for the sale of homes posted on their websites. On average, you can expect to pay $1,000 for a lawyer to look after the legal details necessary to close your home.
- Mortgage fees. Check with your lender to determine if any costs will occur when transferring or releasing your mortgage. There could be penalties for discharging your mortgage earlier than its term and there may be a discharge fee to remove a mortgage from title that can range from $100 to $250.
- Disbursements. These fees cover additional legal expenses such as travel, copies, couriers, registration fees and preparing document transfers. Budget about $500.
- Adjustments. It is difficult for a homeowner to calculate exactly how much money is owed to which utilities on closing day. Your lawyer will ensure that overpayments or deficiencies on rents, mortgage interest, property tax and utility charges will be corrected, and the buyer and seller will be credited or charged accordingly.
- Moving costs. These vary depending on location, distance, and amount of possessions to be moved. If you are moving yourself, you should factor gas, rental vehicles and moving supplies.