Budget for Closing Costs ? Property Taxes, Legal F

You probably spent a good bit of time getting disciplined to save money for your home purchase. You need to carry this financial discipline through the escrow period or you could run into problems.

Budget for Closing Costs ? Property Taxes, Legal Fees and Such

When you decided it was time to purchase a home, you went through a number of steps to get your finances in order. You probably reviewed your credit report, cut down on credit card balances and reigned in your spending. A monthly budget was probably also an item you stuck to, probably with some aggravation. Once you have an offer for a home accepted, it is important that you keep budgeting for the closing costs associated with the purchase. Here are a couple of odd little fees that can show up and drive you nuts if you are not careful.

Being required to pay property taxes can be a nasty little surprise. After all, you do not even own the home yet! The requirement, however, comes because of the nature of how property taxes are paid. They are not paid every month, so the seller has prepaid the taxes beyond the period they will own the home. They will want that money back! You can negotiate this point as part of the purchase, but you need to be aware it is out there.

In some states, it is a legal requirement that you have a lawyer represent you in a real estate transaction. This requirement primarily exists in the East. Regardless, attorneys are expensive and you need to have money set aside to pay their fees. In truth, retaining a lawyer is a good idea since they tend to sniff out any questionable issues in the transaction. Fees can run you from a couple hundred bucks to thousands of dollars.

In addition to the above, there are a lot of small fees associated with closing. They can run from several hundred dollars paid to the escrow company to $20 or so for notary fees and so on. If you do not keep an eye out, they can add up quickly to a few thousand dollars.

Closing on a home can be aggravating with all the costs you have to pay. It will all be worth it when you walk into your new home the first time.

Posted by Alice Baetz on December 13, 2008 at 12:00 AM

About Alice Baetz
Alice Baetz is affliated with Tappan and Associates, which is located in Grosse Pointe Farms, MI. For further assistance please use the contact information located on the right.

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Local Information for Grosse Pointe Farms, MI

Latitude: 42.404987 -- Longitude: -82.900816

ZIP Codes for Grosse Pointe Farms, Michigan	48230 48236
Area Code for Grosse Pointe Farms, Michigan	313
Time zone for Grosse Pointe Farms, Michigan	EST

Other Area Cities: Grosse Pointe, MI Grosse Pointe Farms, MI Eastpointe, MI Warren, MI Grosse Pointe Park, MI Grosse Pointe Woods, MI Saint Clair Shores, MI Detroit, MI Mount Clemens, MI Sterling Heights, MI

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As of the census of 2000, there were 9,764 people, 3,804 households, and 2,868 families residing in the city. The population density was 1,396.3/km² (3,618.8/mi²). There were 3,937 housing units at an average density of 563.0/km² (1,459.2/mi²). The racial makeup of the city was 97.58% White, 0.65% African American, 0.11% Native American, 1.13% Asian, 0.11% from other races, and 0.42% from two or more races. Hispanic or Latino of any race were 1.11% of the population. There were 3,804 households out of which 34.3% had children under the age of 18 living with them, 67.8% were married couples living together, 6.1% had a female householder with no husband present, and 24.6% were non-families. 22.3% of all households were made up of individuals and 12.0% had someone living alone who was 65 years of age or older. The average household size was 2.57 and the average family size was 3.03. -- Source: Wikipedia.com

Michigan 2000 Census Population Profile Map

	Grosse Pointe Farms	Michigan	United States
Population	9,764	9,938,444	281,421,906
Median age	43.1	35.5	35.3
Median age for Male	42.1	34.3	34
Median age for Female	43.8	36.6	36.5
Households	3,804	3,785,661	105,480,101
Household population	9,764	9,688,555	273,643,273
Average household size	2.57	2.56	2.59
Families	2,869	2,575,699	71,787,347
Average family size	3.03	3.1	3.14
Housing units	3,937	4,234,279	115,904,641
Occupied units	3,804	3,785,661	105,480,101
Vacant units	133	448,618	10,424,540

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Budget for Closing Costs ? Property Taxes, Legal F

Local Information for Grosse Pointe Farms, MI

Latitude: 42.404987 -- Longitude: -82.900816

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