All purchasers, whether Canadian or American, will pay “closing costs” which include a home inspection, termite inspection, appraisal, title insurance, county recording fee and pre-paid taxes. Generally closing costs for people who use financing will be up to 2-3% of purchase price. Cash purchasers pay up to 1/3 less (only 1-2% of purchase price) because if you pay cash you do not have to pay for lenders title insurance. Unlike Canada, lawyers are generally not involved in a residential real estate purchase and thus there are no legal fees to pay. The Title Company acts as the impartial third party to coordinate the transaction and ensure that you get clean title. All Title Company fees are included within the closing costs estimated above.
Have more questions? Look through our Canadian FAQs page on www.ThePhoenixExperts.com or give us a call at 1-800-300-0263. We are happy to answer any questions you may have.
Marc Brodeur, Realtor
1-800-300-0263
Marc@ThePhoenixExperts.com
www.ThePhoenixExperts.com
