Tim shared a great post a few weeks back from Genworth regarding closing costs on a real estate deal. These are all important considerations before you confirm that you have enough funds to be able to close. Here’s another: tax adjustments.
Depending on where you live, your city will charge property taxes every so often. In Barrie, it is every quarter. If you buy a property in the middle of a quarter, you will have to pay some money back to the sellers because, essentially, they have paid for taxes beyond when they will have owned the house.
Buying a house is a very exciting thing, but be sure to keep everything in mind so that you’re not surprised by the cost at the end.
