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Closing Process
You're finally selling your old house. You're excited, and you're
ready to go. The financial matters have been determined. There's
only one last hurdle left: the closing process.
As the seller, it is extremely important to not get overly excited
and overlook the many details that are a part of the closing.
Closing matters require careful attention; failure to provide
this attention can result in serious problems and delays. Unfortunately,
they also require a considerable amount of cash. Consider the
following expenses that you may have to deal with:
Municipal Inspections
You'll need to contact your local government office in order
to have a mandatory inspection. The inspectors will look for
any building violations, and you will have to pay for any necessary
costs.
Transfer Taxes
Transfer taxes are fees you pay to the government in order to
officially transfer the property. Contact local officials for
more information regarding these taxes.
Title Insurance
This is simply to ensure the buyer that you are the rightful
owner of the property and the deed you are handing over is legitimate.
Your real estate professional and your lawyer will assist you
in this process, and they may even be able to get you a discount.
Survey
If you recently bought your house - within three years - then
this is not a problem; you can simply update your last survey.
If this doesn't apply to you, then you may have some work to
do. Your real estate agent will be able to help you out. Some
Municipalities may require you to pay for the following services
during the closing:
Pest Inspection
Water Certificate
Insurance Certificate
As you can see, the costs can add up. Try to prepare for this
in advance; if possible, leave yourself a few thousand dollars
to cover these expenses quickly and efficiently.
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