Islamic Finance in Canada and Closing Costs.

One of the things people overlook when they buy Islamic financing Canada are the closing costs that come at the end of the deal. It’s important to budget in this particular set of costs even though you only need to pay them one time.

Here’s a few boxes you can check so these closing costs don’t become a large financial problem.

· Legal fees. We tried to put the one that you want to pay the least at the very top so you can read about it and get ready for it. Most people who buy a home in Canada will need to pay legal fees to a lawyer for what’s called disbursements. These can cost anywhere from $1000 to $2000 dollars by some estimates.

· Appraisals. Quite often, people need to have the home appraised so everyone understands the fair market value. It often comes at the beginning of the process. That way everyone is on the same page and can begin to negotiate from that starting point.

· Home inspection fee. There are some things that you can get by and some that are prerequisites that need to be done. For a home inspection, it really doesn’t matter whether you are looking at getting Islamic financing Canada or a more traditional loan. Getting a home inspection done will alert you to any potential problems so you might want to negotiate a lower price or back out of the deal entirely.

There are some other closing costs that you may or may not have to look at depending on where you buy. For example, there can be a homeowner transfer fee if you’re buying something like a condominium or townhouse with common property.

Having the right professionals on your side will help you. That’s as important for closing costs as it is for deciding on Islamic finance in Canada. Call us today.