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Unexpected Costs When Buying or Selling a House

Unexpected Costs When Buying or Selling a House

The real estate market can be a very complex and complicated one to figure out, for both buyers and sellers alike.

Engaging in a real estate transaction without all the critical information required, can lead to serious financial problems down the road.

One way to avoid unforeseen expenses and unwanted surprises when buying or selling a house, is to hire a professional real estate lawyer.

Real Estate Lawyer

If you are looking for an experienced and effective real estate lawyer in Richmond Hill, Toronto, or anywhere in the GTA, then the Seif Law Firm is an ideal solution.

The team of knowledgeable and qualified experts at Seif Law Firm are devoted to ensuring optimal outcomes for all clients.

The process of buying or selling a home can be confusing and time-consuming. The team at Seif Law will be there to assist every step of the way to make sure your get the results you are looking for.

Seif Law Firm

The accomplished and skilled team at Seif Law Firm can help with your real estate interests and requirements in numerous ways.

Some of the benefits of choosing Seif Law are:

  • Multiple languages
    • English
    • Farsi
    • Spanish
    • Chinese
    • Russian
    • Urdu
    • More…
  • Dedication and compassion
  • Attention to detail
  • Wealth of experience

The dedicated team at Seif Law is available to meet anytime you request an appointment, and all requests will be responded to within 24 hours.

The lawyers at Seif Law Firm can help make sure you are aware of all imminent costs and expenses to help avoid unanticipated complications, whether you are buying or selling real estate.

Unexpected Costs When Buying a Home

When buying a first home, a lot of people tend to assume that costs will be limited to the actual sales price of the house.

However, there are several other expenses that come with buying a house that can accumulate quickly and become a real issue if they were not expected.

Some additional costs can include:

  • Home inspection
  • Home insurance
  • Title insurance
  • Ongoing taxes
  • Land transfer tax
  • Lender fees
    • Property appraisal
    • Property survey

Home Inspection

A home inspection is highly recommended, and in some cases mandatory, before closing the deal on your new home.

Some mortgage lenders will make a home inspection required before proceeding. Either way, it is in your best interest as a house buyer to have a preliminary inspection done.

A home inspection can reveal problems with:

  • The foundation
  • The roof
  • Electrical
  • Plumbing
  • Air conditioning and heating
  • Structural damage

These are not problems you want to find out about after the deal has been closed.

Unexpected Costs When Selling a Home

On the other side of the coin, there are also several expenses that people tend to forget about, or overlook, when selling a house.

Some of these unforeseen expenses might be:

  • Repairs and renovations
  • Home staging
  • Outstanding utilities and property tax
  • Real estate agent commission
  • Title insurance
  • Land transfer tax
  • Mortgage discharge
  • Home inspection

Repairs and Renovations

One expense a lot of home owners underestimate when it comes time to sell, is the time and money it takes to get a house ready for sale.

Many people that are preparing a home for sale will have a home inspection done first to make sure there are no major issues.

Once the problems have been identified, then comes the process of getting the house in the most presentable state for showing. A lot of sellers use a professional home stager to maximize appearance.

Taxes and Commissions

It is a good idea to have a real estate lawyer to make sure all the numbers are accurate for all closing taxes and commissions you will need to pay out.

The lawyers at Seif Law Firm are always available to offer experienced services and advice.

Three Mistakes People Make When Buying a Home

buying house richmondhill

Buying a new home is a huge life decision. It can be a very rewarding endeavor, but buying a house can also be extremely stressful and challenging.

Whether you are buying your first home or your fifth, there are several common mistakes people make when committing to a new residence. Mistakes that can be avoided by taking the proper precautions and planning efficiently.

3 Common Mistakes Home Buyers Make

For most people, buying a house is the biggest financial transaction they have made in their lives to date. In a lot of cases, it will be the most financially impactful decision a person ever makes.

No pressure, right?

The good news is that these typical mistakes can be avoided with good planning and careful research. Looking at the mistakes that others have made in a similar situation is a good way to prevent it from happening to you.

Three very common mistakes that people make when buying a new home are:

  1. Not hiring a professional real estate lawyer
  2. Buying a home for the wrong reasons
  3. Not having an accurate financial picture

Professional Real Estate Lawyer

The real estate market these days is a volatile one, and without the right expert advice it is easy to make a disastrous error when committing to a new home.

Real estate prices are continually on the rise, but that has done nothing to curtail competition for prospective house buyers. Due to this heavy competition, real estate sales can quickly escalate to a bidding war.

If you are stuck in a bidding war for a house you are interested in, you may have to make a snap decision or the house will be lost to you. That is a split-second decision that can affect your entire future.

Wouldn’t you feel more comfortable having an expert in your corner that can help you make informed, smart decisions?

For home buyers in Toronto, Richmond Hill, and the rest of the GTA, the services of Seif Law Firm can help with those difficult decisions by making sure you are fully prepared before making a purchase.

Reasons to Buy a Home

Some people get caught up and carried away with emotion when deciding on a house to buy.

It may happen that you have found your dream house, but it is a little more expensive than your budget allows. Some may get impulsive in this situation, going for immediate satisfaction, and pulling the trigger on the purchase.

The problem there is not considering the increased financial burden this will cause over the next 30 or so years.

Making a list of your priorities and the most important features you want in a house can narrow the field of what you are looking for.

Accurate Finances

Another huge mistake people make when buying a new house is failing to properly assess all the associated costs.

This is a great example of why a professional real estate lawyer is crucial to getting it right.

The experts at Seif Law Firm can help with:

  • Deposit percentages – a bigger down payment means a more manageable mortgage
  • Repayment buffers – how to deal with increased interest rates
  • Qualifying for a loan – it is important to keep your credit status stable after applying
  • Seeing if you qualify for government home buyer’s programs
  • Mortgage preapproval
  • Figuring out closing costs

 

How Can a Real Estate Lawyer Help You Buy a New Home?

buy a new house

If you are in the market for buying a new home, then you are likely already aware of what a demanding and complicated process it can be.

On one hand, you want something that meets your immediate needs. You want to live in the right neighborhood and find a home that suits your current lifestyle.

On the other hand, you also want to find a house that will be a good investment many years down the road. It is not always easy to satisfy both these requirements.

An experienced real estate lawyer can help ensure the home you are about to buy will comply with both your short-term and long-term goals.

Seif Law Firm

Seif Law Firm is comprised of a team of experienced legal professionals, including lawyers, law clerks, and legal assistants.

The Seif Law team utilizes all of its members, calling upon specific expertise, to make sure every client gets the consideration and results they are looking for.

With law offices in Toronto and Richmond Hill, Seif Law Firm has been servicing the GTA with real estate expertise and advice for many years.

There is a multitude of advantages to be gained from enlisting the legal real estate services of Seif Law Firm.

Some of the benefits are:

  • Attention to detail
  • Caring and compassion
  • Language diversity
  • Abundant experience

Attention to Detail

This may be the greatest advantage of hiring Seif Law Firm to review and assess any financial real estate transactions.

Real estate contracts can be extremely lengthy and intricate. If you don’t know what to pay attention to, it is easy to overlook important details.

Save yourself the stress and worry by having a professional real estate lawyer take care of the contracts.

The experts at Seif Law will pore over every detail to make sure there are no unfavorable surprises.

Caring and Compassion

The staff at Seif Law are completely aware of what a stressful time buying a new home can be. Therefore, every client is recognized as a unique individual with specific needs.

You will never be treated like just another case file at Seif Law.

Language Diversity

The GTA is a multicultural hub with residents from all over the world. The professionals at Seif Law are prepared to accommodate clients with a wide range of languages, including English, Spanish, Farsi, Punjabi, Urdu, Chinese, Russian, and more.

Abundant Experience

All of the lawyers, clerks, and legal assistants are fully qualified and experienced in real estate law.

Experience goes a long way to help prevent unexpected costs and to make sure you get the best deal possible.

How Can a Real Estate Lawyer Help Buy a New Home?

There are all kinds of ways a real estate lawyer can help you when you are interested in buying a new home.

Many prospective home buyers only think to include a real estate lawyer once the purchase has been made and it is time to look over the contract.

However, a good real estate lawyer is helpful for every step of the process, especially in today’s competitive market.

Some of the biggest ways a real estate lawyer can benefit you are by:

  • Spotting potential problems and red flags early on in the negotiation
  • Finding issues that would be overlooked by the average home buyer
  • Reviewing your contracts with professional expertise
  • Addressing complex issues within the contract
  • Perform Title Search to make sure there are no Liens (a person entitled to the property due to outstanding debt)
  • Handling the closing effectively
    • Preparing closing documents
    • Making sure all outstanding balances, utilities, and insurance are taken care of
    • Making sure the Title changes hands properly
    • Preparing a closing statement

As you can plainly see, there is a lot of paperwork and legal issues to be concerned with when buying a new house.

Ease your stress and focus on your goals with the assistance of Seif Law Firm.