How much do you know about closing costs?
We’re Ariel and Adrian of The Kormendy Trott Team and today were reviewing an oldie but a goodie – E03 Closing Costs!
Ok, so let’s talk dollars and cents. There are five primary closing costs associated with buying a home. For this example, let’s assume you’re buying a $600,000 home, and you’re putting a total of $60,000 down – Now let’s break down the potentially associated costs:
Land Transfer Tax –> $8,475
Lawyer Fees –> Approx $800
Disbursement Costs –> Approx $400 (This can include postage for documents, title search and verifying accounts with the utility companies)
Title Insurance –> Approx $450
Your closing costs in this scenario are $10,125. With your down payment of $60,000, that’s a total of $70,125. But, don’t forget that any adjustments will also be added at closing as well. This would cover things such as reimbursing the previous owner for prepaid utilities and property taxes. If you’re buying a new home from a builder, there could be thousands of dollars added to these figures in additional costs. If you are thinking of buying a new home and you need more details, feel free to send us a message on Facebook or Instagram.
Now if you’re a first-time home buyer, you get some perks! There are many incentives you may qualify for, including a rebate of up to $2,000 against your land transfer tax.
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