Posted on Dec 4, 2018

Aaron Hall Real Estate

WHAT ARE CLOSING COSTS?

In real estate we call "closing costs" as the costs and fees associated with buying or selling real estate.

My fees, legal fees, building inspections, and Property Transfer Tax are all examples of "closing costs".

There are some costs that both the buyer and seller pay. There are also costs that may be specific to each side of the transaction. For example, when I sell a property, I make arrangements to pay for the Buyer’s Real Estate Agent. This makes it much easier for a Buyer to buy, and much easier for a Seller to sell their home.

Another example is Property Transfer Tax (2% minus $2K) this can be a sizable cost for the buyer (First Time Buyers Fully Exempt up to $425K). These cost can range depending on the real estate transaction. Before buying or selling, I recommend you take some time and find out which of these scenarios will apply to you.

These costs can jump up at closing time and leave you with a bad feeling, especially if the cost is a big one. I have tones of info on this so let me know if you are looking for more.
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