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Closing Costs

  1. Legal Fees or Closing Costs – must be able to show 1.5% of whatever our purchase/construction cost is.
    • Lawyer Fee – $1,000 plus GST
    • Land Titles – $150 to review the mortgage registration
    • Land Titles will charge .03% of the purchase price to register the mortgage
      • Depending on the previous owners and if property taxes were paid, there may be a hold back.
  2. Home/Fire Insurance – Your lender will require proof that the property is insured in case of fire and other damage. Insurance costs vary, depending on the coverage needed, but budget for at least $1,000 a year.
  3. Home Inspection – This will be arranged by your Real Estate Agent. The inspector will look over the home and make sure that everything is up to building code. Cost is approx. $500. Read More…
  4. Costs for Newly Constructed Homes/RTM/Modular – If you’re buying a brand new home, be prepared to settle any items not quoted in the original price, including upgrades or paving and landscaping fees. New homes are also subject to 5% GST, although this is most often included in your purchase price. A federal rebate reduces the GST to about 3.5% for homes valued at $350,000 or less.
  5. Appraisal Fee – Your lender may ask to have the home appraised to confirm its market value. Fees vary depending on a property’s value and complexity, but are typically around $500.
  6. Title Insurance – Title Insurance can safeguard you againts fraud and problems with your property title or survey. Fees range from $150 to $350 (available through the lawyer’s office if you need it).
  7. Moving Costs – Before the big day, budget for all those last minute things: $100 or more to rent a van or few hundred for professional movers, $50-$60 for a locksmith to rekey your locks, and purchase any cleaning supplies as needed. Such incidentals can easily come to $500 or more.
   

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