Don’t Let Closing Costs Take You By Surprise
Author: The House Team of Mortgage Intelligence
You’ve come up with a down payment, searched for a good lawyer, and have found a reputable mortgage broker. Well done! You’re off to a great start in the house purchase process.
Keep in mind that you’ll also be facing — in addition to the expected legal fees and moving costs — a few extra payouts when the final deal is done. Knowing about these “closing costs” in advance soothes their sting. The following list covers typical costs you’ll encounter when your purchase is completed or “closed”.
Reimbursements
You’ll need to refund the money that the seller has already paid out on your behalf: expenses that are now fairly and rightfully owed by you, the new homeowner. In your lawyer’s office, on closing day, you’ll definitely run into those famous last words: “subject to the usual adjustments”.
Typically these adjustments include portions of municipal property and school taxes for the months you’ll be resident, utility bills paid in advance,,