When selling a new home the closing costs are significantly lower than when purchasing. Generally you are only responsible for the lawyer’s fee and, depending on what you agreed to in your purchase and sale agreement on the property, you may be responsible for paying for all or half of a new Survey and Real Property Report, or Title Insurance. Expect to pay $600 – $1,200 or more for a new Survey and/or Real Property Report, and/or $279.00 for title insurance. Legal fees are set independently by lawyers and vary from one to another, but expect to budget $1,000 or more. As with a purchase, when selecting a lawyer you should not let cost be the only deciding factor. Ask about fees of course, but also about their experience with Real Estate Law, and who is available to speak with you when you have questions and how quickly you can expect a response. Also ask around to see who else has used their services and if they were happy with the process. A good lawyer can make the whole process run much more smoothly.
