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At the time of closing there are a number of upfront costs you’ll need to cover including Taxes, legal fees, title insurance, disbursements, moving costs and adjustments. Ensure you have funds set aside to cover these expenses.
Real estate lawyers are employed to close your transaction. Depending on the type of property, the fee can range upwards of $1500. If your lawyer needs to issue disbursements such as; tax certificates, zoning clearance, work orders, deed registration, status certificates or other incidentals, than each item would come with an additional fee.
Based on the value of your property, title insurance can compensate buyers from the impacts from title defects. Most banks will require you to take out title insurance as a condition of them providing you with a mortgage.
The fee for a home inspector ranges depending on the condition and size of the property. Generally the fee ranges from $500 -$1000.
From content to fire and flood, everyone needs to insure their home. Shop around to find the best rate, but be sure the get it lined up before you move in. If your home has KITEC plumbing, knob & tube or aluminum wiring, you will need to find an insurance company that specializes in those areas. I can help guide you in the right direction.
On closing, a Statement of Adjustments will be issued by both parties’ lawyers. These pertain to the transfer and adjustments for utilities, taxes and other property costs that have been pre-paid by the seller and carry over through the closing date. Once the adjusted costs have been calculated, you’re required to reimburse the seller.
Whether you are looking to list your current property or buy a new home, our team is here to help. We strive to offer personalized service to each of our clients and will help you work towards your future real estate goals. Thanks to our many years of experience in the industry, we can guide you through the process of selling or buying a home. We’ll take care of you every step of the way, so you won’t have to worry about a thing during our time working together!
Contact us today to get started and sell your property or find your dream home this year!
Virtual Properties Realty | Tiara Walker | 2750 Premiere Parkway Suite 200 Duluth, GA 30097 | 770.495.5050
United Real Estate Mid-South | Tiara Walker | 8849 Centre St, Southaven, MS 38671 | (662) 470-6058