The term “closing costs” refers to the money that you need (over and above your down payment) in order to complete your purchase. Closing costs may include, but are not limited to, the following:
- legal fees
- cost of land transfer to new owner
- registration of the mortgage on the title
- title searches
- property tax searches
- title insurance
- property tax certificates
- courier charges, postage, copying and other miscellaneous charges incurred by the law office
- surveyor’s certificate
Not mandatory, but would be wise to factor in:
- home inspection
- life/disability insurance for you and your family
- furnishings
- maintenance and repairs
- alarm system
- housewarming parties 😉
