Ok yes, I’m a first time homebuyer so maybe I don’t know jackshit, BUT is it just me or doesn’t anyone else like to know how many thousands they have to spend on closing costs BEFORE closing day?
I asked my lawyers a month ago and they couldn’t give me a figure at that time, that’s understandable, I was being a little over zealous. However, I do expect that they know these numbers or can at least give me a ballpark figure as to how much I have to pay, a week before closing but they still can’t say anything! Jeeze!
—Pissed and confused first time home buyer
This article appears in Feb 18-24, 2010.
there are so many hidden costs in buying a home, it ain’t funny. when you consider what the price is, moving in, taxes,(all kinds there), and other innoculous fees, real or imagined up at time of sale. it kinda makes you wanna run and live in a fucking cave. but then, you would still be charged somehow for that too. what a fucking way to kill home sales and get rid of buyers, first time or many time.
i was talkin to the bear he thought it was 1 to 2% of the selling price…it is a very stressful time.
Your mortgage broker should have been able to give you an approximate figure. Mine did.
Title insurance? The house is right fucking there! Go look for yourself!! Ha ha. Yeah, it sucks. Better get one soon though, the feds are looking to make it harder for the po’ folk to get out of the rental racket….
Your real estate agent should be providing a list of all closing cost figures associated with home-buying to be sure you are able to meet these demands before you buy the home, not after or during the sale. Lawyers don’t seem interested in doing more to protect your interests than making sure all the signatures are appropriately placed on the documents. Get receipts for anything the seller is claiming and good luck.
Your lawyer should be fired. Here is a summary that I found in 30 seconds on google http://tayloredwards.point2agent.com/CLOSI…
If they couldn’t let you in on this they’re fucking idiots.
Go to Walker’s Law Office Inc – 902-425-5297 2742 Robie Street, she handled mine and it was painless. We had all of our closing costs up front and in plenty of time to get the dough together.
Deed transfer tax: 1.5% of the purchase price
legal fees of approx. $700, plus in house disb. (approx. $135), recording costs of $167 for the deed and mtg..
There’s what you need sweetie – unless it’s heated by oil – then you have to re-pay the seller for the amount of oil in the tank. (my guess $500-600 bucks)
Your lawyer should really have an estimated figure for you. I’d be a little mad if they’re not being helpful.
Don’t forget to get the appliances included in the offer!
I get to experience this all in the fall. Gee, I just can’t wait!
Another cost that may or may not be incurred is the Land Registry something or other. Price is about $1200 (and no, this is not deed registry).
The process of switching all records to digital started a few years ago. Typically it was up to the home owner to do prior to sale, but not all did. I got caught in the change over and had to pay for both the place I was selling and the place I was buying.
As a ballpark, figure about 5k in costs (don’t forget disconnects and reconnects on top of lawyers, deeds, and other formalities). It’s worth it in the end, but it can sure be stressful. And your lawyer sucks if he/she is unable or unwilling to estimate these costs for you.
I highly recommend dealing with Home Buyers Inc. as an agent if you’re purchasing a home. They only deal in buying, not selling, so your interests won’t be abandoned for extra commission. Alain, who runs the company, has run seminars in the past about purchasing a home (he still does, I think), and will provide plenty of information about all the costs associated with home buying, including closing costs.
I strongly advise you to buy your own home & tell all the realtors to GFTS .
Why pay someone to sell you a house ?
Get a lawyer…not just any lawyer, one who specializes in property. Your going to need one anyway, so hire your own.
Find a place you are interested in, if isn’t moving approach the owner on your own & tell them once the homes no longer on the market, you’d be interested in it. That’s how I bought my first home in the Darkside many moons ago. I found 4 in the area I was interested in & went to each.
I found my place in the country from a friend through word of mouth & bought it before the owner listed it.
Did the same thing, told him to not bother with a Realtor, I’ll get my Lawyer to speak to his lawyer, we met (him, I & his lawyer) drew up a deal at the table…less than an hour done like dinner !
I took the deal to my Lawyer, he did whatever Property/title checks they do, I inspected the Property with the owner that week-end, I don’t remember how long it took for clear title…but it wasn’t long.
Done quickly & simple
I can see using a realtor to sell or buy if your in a hurry (which you really should never be to by a house) I can see it if your moving in from a long way off, they definately have a place…but not in the local neighborhood IM0.
You can save yourself 3 to 7 percent or better, by doing it yourself. You look at 5% of a couple hundred grand & that’s one hell of a vacation that year down south !
I read this bitch to a close friend of mine who works in the legal industry and used to do property law. They told me that if your lawyer can’t give you a ballpark a week before your closing you should probably question your decision to use them.
There are A LOT of bad lawyers in HRM, and most of them are pretty cheap — what’s your lawyers’ rate per hour?
I was listening to cbc radio this morning and they had an interview that provided some potentially useful information for you Op. If I find a link to it, or a podcast or something, I’ll post the link.
My closing costs were almost exactly 1% several months ago on a first-time buy. I was pleasantly surprised by that…expecting closer to $10,000 in my mind, relieved it was only a fraction of that.
Hey more… Not sure how it works in hfx, but in calgary,
Commissions to both the buying and selling realtor are paid by the sellers.
Buyers don’t pay their realtors commission, the seller does.
So why wouldn’t you take advantage of the experience and knowledge a buyers agent has? (Assuming you’re working w a good one?)
It’s the same here, halicowton. You don’t pay a realtor to find you a house, the sellar pays them a commission based on the final purchase price and any realtor that charges buyers for their service is a scam artist.