I’m Buying A Home, What Are My Costs?

Q: What are my closing costs when buying a home?

A:  SURVEY (if required) the approximate cost of an in town survey will range from $800 to $1,000 plus GST.  (However, this is usually provided by the seller)

LEGAL FEES: Legal fees range between $ 750 to $ 900 plus any disbursements such as searches, photocopies, couriers, and mortgage arranging costs. The average fee, all inclusive is approximately $1,000 plus GST.

BANK FEES: Most banks, but not all, charge an administrative fee to register any documents.

HOME INSPECTION: Many purchasers require a home inspection prior to buying their new home. In most cases the purchaser will pay for the inspection, the fee is in the $275 to $350 range, depending on the size of the home.

LAND TRANSFER TAX: This is a fee paid to the Provincial Government and forms part of your closing costs. As a guide, you can anticipate the fee to be about 1% of the purchase price.

Q: What documents or items might I need to sell my home?

A:  To provide the buyer with accurate information, we will need several documents.

SURVEY (freehold only)

The survey of your property, or a copy thereof, will show the legal dimensions of the property, any easements or restrictions, any fences and buildings on the property. If you cannot find a copy consult the vendor’s lawyer who handled the purchase of the property, the lender who gave the mortgage or possibly a neighbour.


TAX BILL

The most recent tax bill is required to provide the most up to date information to the buyer.

UTILITY SUMMARY (not applicable to condo’s)

Buyers often want to know what is the cost to run the home. This can vary from family to family however the information is useful as a guide. Obtaining the cost of heat, hydro, water and cable for the previous few months to get a guide to the costs.

KEYS TO THE PROPERTY

Once your lawyer has attended at the Registry Office and done the necessary paperwork and transferred the funds, then and only then, will the lawyer receive the keys to your new home.  When you go to the lawyer’s office, before the closing, to sign the closing documents arrange for a time and place to pick up the keys from the lawyer.

CONDOMINIUM (if applicable)

For condominium buyers, you should obtain a Status Certificate, from the applicable Condominium Corporation, this will include the most recent financial statements and budget information and the balance in the reserve fund.  This is provided by the seller and will be reviewed by your lawyer.

**Nothing on this website should be confused with financial or legal advice. If you need this, or any other type of advice, please seek the help of a competent professional. In addition, because real estate laws change all the time and differ from state to state, and even city to city in the same state, everything in these pages should be considered general marketing advice and ideas. Please see link to full Disclaimer at the bottom of this page.

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