Thinking of buying a property?
Let me help you find the home of your dreams…
Once upon a time, buying a property was relatively straight-forward. Today, however, buying a home is a journey with many twists and turns…what questions to ask the notary, mortgage lender, builder or inspector?
This information will all be supplied to you.
The best way to save time and energy is to write down everything you are looking for in a new home. Let your imagination go! Then call me to discuss your goals….and make your journey toward your new home that much easier.
Closing Costs to Purchaser
Deposit cheque with your Promise to Purchase, which becomes part of the down payment.
Notaries’ fees of approximately $1000 plus summary costs and all applicable taxes.
Adjustment of municipal taxes (January – December)
Adjustment of school taxes (January – December)
Oil costs is applicable (One full tank approximately 909 litres at current rates).
Transfer tax (welcome tax): 0.5% on first $50,000, 1% on the difference from
$50,000 to $250,000, 1.5% on amount over $250,000. Tax is based on the sale price
or evaluation and is payable approximately six weeks after signing.
Appraisal and application fee for mortgage, which normally does not exceed $250 plus all applicable taxes. Banks usually waive this fee.
Building inspection (highly recommended), which normally does not exceed $600, plus all applicable taxes.
CMHC premium for high ratio mortgage .5% to 3.75% of face value plus 9% tax on the premium. CMHC charge for opening of a file is approx. $235.
Property insurance is mandatory and proof will be required at the signing of the act of sale.
If the purchased property is a condominium, the purchaser will have monthly condo fees to pay and might have an adjustment for reserved fund at closing.
Down payment amount must be brought to the notary approximately 3 working days before the signing of the act of sale.