Buying or selling a home in Manitoba involves more than just the purchase price, it also involves closing costs. Closing costs are additional expenses incurred beyond the homes purchase price, these fees cover various services essential for finalizing a real estate transaction.

Buyers Closing Costs:

For buyers, closing costs typically range from 1.5% to 3% of the homes purchase price, excluding the down payment. Several factors influence these costs, including specific terms of the offer and mortgage details.

1. Contingencies in the offer: Depending on the offers terms, additional costs may arise. For example, if you would like a home inspection to be completed, this will typically cost around $500. While not mandatory, many buyers opt for a home inspection to ensure the property’s condition.
2. Mortgage details: Mortgage terms and conditions, such as mortgage default insurance and appraisal fees can impact closing costs significantly.
3. Legal Fees: Legal services and administrative fees are crucial for a smooth property transfer. These may include title searches, title insurance, and land transfer tax.
4. Other costs: Additional closing costs for buyers may include property insurance, GST (for new or substantially renovated homes), and moving expenses.

Sellers Closing Costs:

Sellers also incur closing costs which include real estate commissions, legal fees, and any outstanding taxes or mortgage related expenses associated with the property. Additionally, sellers closing costs may also include the final water bill, and moving expenses.

Closing costs are an inevitable part of the purchase and sale process. Having a general understanding of what closing costs may apply to you will allow you to better prepare for the purchase or sale of a home and mitigate the risk encountering unforeseen fees during this process.

Looking for a quote on the expenses ahead? Please be sure to reach out.  I'm happy to help you gather the information you need to make your moving decision!

#AgentSheyla

Sheyla Duncan

Phone: (204) 871-3228
Email: Sheyla@JenniferQueen.com