Buying a home can be a very exciting but stressful experience with many costs to manage. Most people are prepared for movers costs, lawyer and even interior design expenses and they plan for them accordingly.

One of the areas where homebuvers - particularly first time buyers - frequently run into problems is with closing costs. They may not properly anticipate the final adjustments associated with closing a real estate transaction. The result can be a "cash crunch" on closing day that adds stress at a time when you need it least.

Closing costs are typically one-time-only charges that are necessary to complete - or "close" - the transaction. These costs may include inspectors fees, appraisers, title searches. lawyers and applicable taxes, such as GST on the fees. Closing adjustments include the repayment of a portion of any property taxes, utilities etc. that may have been prepaid by the vendor.

There will be some costs. such as cable TV, telephone and home insurance that typically will end with previous owner's departure. It is the owner's responsi­bility to cancel the existing service with no costs owing to you. It is your responsi­bility to arrange for new service under your own name. Shortly before your closing date (usually 2-3 days before completion date), your lawyer should also be able to tell you the exact amount you will be required to pay in addition to your down pay­ment. You will be required to submit this payment before you will be allowed to sign your documents and get the keys to your new home. With a good lawyer and your RE/MAX professional, there's one thing that you can expect on closing day and that is: no surprises.