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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
    • Moreā€¦
  • 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.