Surprises on Closing: Foreseen and Unforeseen Closing Costs

When you purchase a home, there is typically a period of time between negotiations and the closing date. The closing date is the date that you can actually move into the home. This date is accompanied by a number of different costs and fees, many of which are substantial, so it is prudent to be aware of what you will need to have on hand when it comes time to close.

1. Down Payment: You will need to have your down payment readily available on the date of closing.  A down payment is required on every home purchase. The minimum required is 5% of the purchase price, but you can choose to put down more if finances permit. For more information about down payments click here.
2. Home Inspection: An additional closing cost will be the cost for a home inspection. If you have, for whatever reason, chosen to opt out, this will not apply to you. However, a home inspection is a very smart choice when buying a home and should be strongly considered. This will ensure that your new home is structurally sound and that no unforeseen repair costs will be needed.
3. Legal Fees: To complete the transaction, you will need to consult with and retain the services of a real estate lawyer. This professional is responsible for ensuring that all required documentation is prepared and that you are protected. A real estate lawyer will also do a background check on the property to make sure that there are no outstanding liens – if there are, this will significantly inhibit your ability to close.

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4. Land Transfer Tax: Another fee required upon closing is land transfer tax. This amount is calculated based on the total value of a property, and ranges from 0.5% to 2% of the land’s value. New homebuyers qualify for a rebate of a portion or all of this fee. For more information about land transfer tax click here.
5. Homeowners Insurance: Homeowners insurance protects your home, as well as its contents, in case of an unforeseen circumstance (fire, damage, theft, etc.). This is usually paid on a monthly basis, but inquiring at the time of closing (or even before) is a smart idea. Most lenders will not finance a mortgage if there is no homeowners insurance on the property.

If you are lucky there will be no surprises on closing, but just to help ensure that all financial aspects are covered and all legal documents readied, it is a good idea to have all of your ducks in a row at least a few days ahead of the closing date. Keep in mind things like the fact that your lender will continue to monitor your credit report after negotiations are finalized, and if any questionable accounts occur an underwriter may pull back on funding. Just be sure to do your due diligence in an attempt to keep closing costs where they should be.