Closing day is pay day!

And you're looking forward to finally holding that big cheque.

In all your excitement, don't forget that you'll have to fork out a little bit of cash by

way of closing costs in order to seal the deal.

Closing costs are fees owned on or by closing day that must be paid to complete

the sale of your home. To give you a rough idea of what to expect, some of the

most common expenses are listed below.

•  Your Realtor’s commission

This fee covers all the professional legwork, targeted marketing and expert

advice provided by your agent, as well as commission to the Buyer’s real

estate agent.

• Mortgage prepayment or discharge fees

If you plan to pay off your mortgage with the proceeds of the sale of your

home, your bank may charge a fee for closing your account, and a penalty

fee if you’ve paid it off early.

•  Utility and property tax adjustments

Any credit or expenses owed depend on how your property tax and utility bill

payments are scheduled. If you’ve prepaid these expenses in advance then

you can expect the buyer to refund you the difference. If you don’t pay these

expenses in advance then it will be you paying the buyer for the amount

accrued prior to the closing date.

•  Legal fees and disbursements

When you’re involved in as big a financial transaction as this, you want to be

sure you are protected. Your lawyer will ensure that both you and the Buyer

have met your legal obligations as outlined in the Offer to Purchase, so that

the deal may officially close.

As you approach closing, ask me, your trusted Realtor to further define more

precise numbers. You know where to find me!

Thank you for your trust,

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BTW – Up next, I’ve got genius moving hacks that will save time and money on

your upcoming move. Make sure to look out for this one, you don’t want to miss it!