Closing Costs for Mississauga Condos for Sale

Summary:

 Get comprehensive information on the closing costs on condos for sale in Mississauga and raise your level of awareness when looking for apartment for rent in Mississauga near Square One

Article Body:

 When you look for Mississauga condos for sale, you are sure to come across the term - Closing Costs in the Real Estate. These costs are charged your lawyer is going to present to you on the closing date of your home. Many people are surprised to learn about the closing costs and that; they would have to pay over and above the price of the home. Generally speaking, one should have at least 1.5% to 2% of the purchase keep price for closing costs along with the down payment. These costs may vary when you browse condos for sale in Mississauga at different locations.

Brief explanation of Closing Costs
Before you start exploring Mississauga condos, it would help if you find out more about the closing costs and discuss them with your real estate agent.Depending on your specific situation, these costs vary. Still, one should talk things out with their realtor and lawyer so as to get a more realistic estimate for your situation when looking at Condos For Rent In Mississauga. These costs include the following.

·        Attorney Fees that is paid for the preparation of official documents and is paid
 by either or both parties and these documents are required by commercial lenders and need to prepare correctly.

·        Transaction Stamps Taxes that will vary depending on thelocation of jurisdiction and is charged by a governmental entity.

·        Title Service Costs are paid according to the contract and it is the seller who pays the majority. In some cases when looking for condos in Mississauga, the title service and attorney fees may be combined.

·        Recording Costs are charged by government for changing of ownership of the property
 and entering an official record.

·        Mortgage Application Fees gets paid to the lender by the buyer, and the aim is to cover the costs of processing their loan application. In some cases, the buyer pays the lender the application directly when looking for an apartment for rent in Mississauga near Square One.

·        Survey Fee is paid by either party for surveying the lot or land and to confirm lot size and dimensions. The fee is required by institutional/commercial lenders.

·        There is Brokerage Commission involved for condos for sale Mississauga and is paid by the seller to a Real Estate Broker, and this is also often the largest closing costs.

·        Appraisal Fees are paid by the buyer and to a licensed Professional Appraiser. Most lenders require that an appraisal is performed as a condition of the mortgage loan.

·        Inspection Fees is paid by the buyer for the inspections required to confirm that the property is in good condition.

·        Home Warranties can be paid by the buyer or the seller, and these warranties are available on resale Mississauga condos for insuring major household systems against repair. These warranties are used as a marketing strategy.

Apart from the other costs, there might be other costs included in the closing costs when looking for condos for sale in Mississauga such as Pre-paid Property Insurance, Pro-rata property taxes, Pro-rata Homeowner Association Dues, etc.

About Author:

Linda Adams writes SEO articles for Mississauga condos for sale, and his her articles have appeared in somepopular sites. On this page, she discusses closing costs for Mississauga Condos For Sale