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:
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 are fees you pay to the government in order to officially transfer the property. Contact local officials for more information regarding these taxes.
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.
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:
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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