CLOSING COSTS( Cash Needed):During Transaction by Lawyer
Roughly 1.5 % TO 2% of Purchase Price of house.
PLUS NEED MIN OF 5% DOWNPAYMENT
1.Land Transfer Tax (http://www.titleplus.ca/RSREG/landtransfertax.asp)
2.Legal plus disbursements $850+taxes+May be LTT decumentation charge $75-$150
3.PST on High Ratio CMHC Insurance
4.Adjustments-
* Water,Gas & Electricity meter(Utilities)
* Property Tax if seller paid in advance for full year
5. Tax hold backs for High Ratio Mortgages(4 months tax appox.) and tax must be paid with mortgage.This depends on bank.
6.Wire and Banking charges(transfer funds)=appox$40
7. Registration of Charge(Mortgage)=$141
8. Title Insurance=$351
9. Interst adjustment
FOLLOWING CHARGES ARE PART OF MORTGAGE AMOUNT and borrowed from bank.
* CMHC Insurance Premium(Diff %age rate for different downpayments)
FOLLOWING SERVICES ARRANGED BY buyer
1.Fire Insurance
2.Life Insurance or Mortgage Insurance MPP-optional
3.Utility deposit some cases if you do not have credit history
4. Moving Costs
5. Phone/Cable/internet Hook up charges
6. Mail Reversal charges
7. Carpet cleaning/duct cleaning/painting/fencing/roof repair/land scaping/cracks repair in basement(may be needed)
8. Change of Address on all ID(usaully no cost)
COSTS BEFORE closing of BUYING a home
1. Home inspector fee $275-$420
2.Appraisal fee $200-$300(may be)
SUKHPAL SINGH, Sales Rep
HomeLife Superstars Real Estate Ltd,Brokerage
Diriect:416-878-3212
Office: 905-792-7800
www.SUKHPAL.ca
