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Real Estate Closing Costs

Before you start looking for a home, you should be aware of the real estate closing costs involved and be able to have most of these funds available before you even start the search. Besides the minimum 5% down payment, which the mortgage company requires, you will need to have the following amounts at hand.

Lawyer’s fees and expenses: normally $900 to $1100
Land Transfer Tax: varies, but on a $100,000 home, costs about $750
Home Inspection: $275-$350 not mandatory, but an excellent idea
Bank Appraisal Fee: $250, but the bank may waive it
Mortgage Application Fee: $250, Banks can sometimes waive this
Mortgage Insurance Premium: ranges from 0.5% to 3.75% of the mortgage amount
Survey: $600 – $800 if necessary
Estoppel Certificate: $50, but only applies to condos
Service and Utility connection: depends on the company

This summary of closing costs for real estate are meant to provide an assist to you but should not be relied upon. For a closer examination of costs it is best to contact your real estate agent or lawyer.

Posted under Buyer, First Time Buyers, News

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