I’m a first time home buyer and I’m just trying to get my facts straight. I’ve already met with my bank and they presented us with a package of information that I don’t quite understand yet. I’m waiting on a time when my husband can be available for a second meeting.

From what I’ve gathered I need to prepare to pay the following:
- utilities (unless partially included in condo fees)
- condo fees (if applicable)
- land transfer tax
- property taxes
- homeowners insurance
- lawyers fees

I’ve been warned to watch out for:
- whether or not things are included in the price such as appliances, lighting fixtures, window coverings, even the hot water tank…
- there is a previously installed alarm system in which the contract would be taken over
- there are tenants
- do-it-yourself renovations completed by the homeowner
- the reserve funds (or emergency funds) the property has (if townhouse or condos)

What am I missing? And how does the realtor get paid?

Thanks!

The realtors are paid from the proceeds of the sale, their commissions are taken out first and the remainder given to the sellers.

The only things I can think of that were missed are home inspection (don’t skip this), possibly a termite inspection depending on where the house is, and adjustments. Adjustments are reimbursements to the sellers for things they may have paid in advance such as water, taxes, oil in the tank, etc. You may have to pay for an appraisal for the bank (this is negotiable).