How to Use Comparable Sales to Price Your Home

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The cost of buying is going up

Excellent information about the cost of buying and the significant adjustments to consider with rising costs.

How much does it cost to get a mortgage?

A couple of the most frequently asked questions I get are ‘how much downpayment do I have to have and what other costs will there be?’ My answer is to budget at least 1.5% of your purchase price in addition to your downpayment to cover additional costs, and below is what that number can include. With the new Alberta Budget announced March 2015, the additional costs are going up significantly as there has been an increase to Land Titles registration fees. Below is a timeline of when these costs will be due during the mortgage process. Keep in mind most of these costs are only applicable if financing the purchase of a home, though some of them may also apply to mortgage refinances too.

Before the Mortgage

Downpayment – This is the amount you are investing in the purchase which must…

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6 Tips for Settlement Day

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You Should Know About These Mortgage Points and Tax Deductions

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7 Tips for a Profitable Home Closing

7 Tips for a Profitable Home Closing

Have a Profitable Home Closing

Be sure you’re walking away with all the money you’re entitled to from the sale of your home.

When you’re ready to close on the sale of your home and move to your new home, you may be so close to the finish line that you coast, thinking there’s nothing left for you to do. Not so fast. It’s easy to waste a few dollars here and for mistakes to creep into your closing documents there, all adding up to a bundle of lost profit. Spot money-losing problems with these seven tips.

  1. Take services out of your name.

Avoid a dispute with the buyers after closing over things like fees for the cable service you forgot to discontinue. Contact every utility and service provider to end or transfer service to your new address as of the closing date. If you’re on an automatic-fill schedule for heating oil or propane, don’t pay for a pre-closing refill that provides free fuel for the new owner. Contact your insurer to terminate coverage on your old home, get coverage on your new home, and ask whether you’re entitled to a refund of prepaid premium.

  1. Spread the word on your change of address.

Provide the post office with your forwarding address two to four weeks before the closing. Also notify credit card companies, publication subscription departments, friends and family, and your financial institutions of your new address.

  1. Manage the movers.

Scrutinize your moving company’s estimate. If you’re making a long-distance move, which is often billed according to weight, note the weight of your property and watch so the movers don’t use excessive padding to boost the weight. Also check with your homeowners insurer about coverage for your move. Usually movers cover only what they pack.

  1. Do the settlement math.

Title company employees are only human, so they can make mistakes. The day before your closing, check the math on your HUD-1 Settlement Statement.

  1. Review charges on your settlement statement.

Are all mortgages being paid off, and are the payoff amounts correct? If your real estate agent promised you extras — such as a discounted commission or a home warranty policy — make sure that’s included. Also check whether your real estate agent or title company added fees that weren’t disclosed earlier. If any party suggests leaving items off the settlement statement, consult a lawyer about whether that might expose you to legal risk.

  1. Search for missing credits.

Be sure the settlement company properly credited you for prepaid expenses, such as property taxes and homeowners association fees, if applicable. If you’ve prepaid taxes for the year, you’re entitled to a credit for the time you no longer own the home. Have you been credited for heating oil or propane left in the tank?

  1. Don’t leave money in escrow.

End your home sale closing with nothing unresolved. Make sure the title company releases money already held in escrow for you, and avoid leaving sales proceeds in a new escrow to be dickered over later.

By: G. M. Filisko G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Visit for more articles like this. Reprinted from HouseLogic with permission of the NATIONAL ASSOCIATION OF REALTORS®     Copyright 2014.  All rights reserved.

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