Added closing costs can sometimes sneak up on you. The most common being legal fees, land transfer fees and home inspection fees. These are some additional costs that you may not see coming until closing.
1. Property Taxes
If the sellers of the property prepaid their property taxes past the purchase date, you will need to set money aside to reimburse them for the balance of the taxes paid when you're paying for your closing costs.
Example: If the sellers have prepaid their taxes for the full year of 2017 and you will be taking occupancy on Sept 1st, your reimbursement will be for Sept to December.
2. Getting your locks changed.
Getting your keys after closing is one of the greatest feelings, you're excited because these are the keys to your NEW home that you can finally enter. One very important step to keep in mind is to change your locks to be sure that you are the only one with access to your home. The owners before you may have given a copy of the key to a family member, neighbour(s) or even the babysitter and it's just better to be safe than sorry.