Taxes and Legal Fees Are Part of Your Closing Costs

1. Taxes and Legal Fees Are Part of
Your Closing Costs
You probably spent a good bit of time getting disciplined to save money for your home purchase. You
need to carry this financial discipline through the escrow period or you could run into problems.
Budget for Closing Costs – Property Taxes, Legal Fees and Such
When you decided it was time to purchase a home, you went through a number of steps to get your
finances in order. You probably reviewed your credit report, cut down on credit card balances and
reigned in your spending. A monthly budget was probably also an item you stuck to, probably with some
aggravation. Once you have an offer for a home accepted, it is important that you keep budgeting for
the closing costs associated with the purchase. Here are a couple of odd little fees that can show up and
drive you nuts if you are not careful.
Being required to pay property taxes can be a nasty little surprise. After all, you do not even own the
home yet! The requirement, however, comes because of the nature of how property taxes are paid.
They are not paid every month, so the seller has prepaid the taxes beyond the period they will own the
home. They will want that money back! You can negotiate this point as part of the purchase, but you
need to be aware it is out there.
In some states, it is a legal requirement that you have a lawyer represent you in a real estate
transaction. This requirement primarily exists in the East. Regardless, attorneys are expensive and you
need to have money set aside to pay their fees. In truth, retaining a lawyer is a good idea since they tend
to sniff out any questionable issues in the transaction. Fees can run you from a couple hundred bucks to
thousands of dollars.
In addition to the above, there are a lot of small fees associated with closing. They can run from several
hundred dollars paid to the escrow company to $20 or so for notary fees and so on. If you do not keep
an eye out, they can add up quickly to a few thousand dollars.
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2. Closing on a home can be aggravating with all the costs you have to pay. It will all be
worth it when you walk into your new home the first time.
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http://www.closingcow.com
Call Us or Text Us 323-230-3502 Watch Our Video on YouTube click here
Our YouTube Channel www.youtube.com/watch?v=KVoSsqk_Pr0