Opening doors

Those Nickels and Dimes

Often once you’ve managed to negotiate the agreement for your new home (and maybe not quite for exactly the price you would have liked) you feel as if hundreds of hands are reaching into your pockets at the same time to see how empty they really are.  Unanticipated expenses can be an overwhelming set back to an otherwise positive experience.  Your real estate lawyer will review all the expenses relating to the closing of your purchase.  A very rough rule of thumb is that your closing day expenses will be approximately 3 ½ to 4% of your purchase price.  These must be paid on the closing date and are in addition to your down payment. 


Examples of most expenses not included in your closing day costs are:


Ø         Utility hook-ups (power, phone, cable);

Ø         Mortgage Application & Appraisal Fees;

Ø         Fire Insurance;

Ø         Home Building Inspections;

Ø         Water Tests.


What follows is a worksheet for your transaction - and a description of the expenses you will incur for your closing.