|
Estimated Purchaser Closing
Costs
(Without Title Insurance)
|
|
Common Legal Fee -
|
$500
|
|
Common Disbursements
|
|
Plan of Survey ( if not
provided for in agreement )
|
$700
|
|
Estoppel Certificate
( instead of survey if a condominium $50 )
|
|
|
Building and Zoning Report
|
$60-$100
|
|
Tax Certificate
|
$30-$50
|
|
Gas Report
|
$15
|
|
Water Report ( if required
)
|
$15
|
|
Hydro Report ( if required
)
|
$15
|
|
Register Deed ( no GST
)
|
$50
|
|
Register Mortgage ( no
GST )
|
$50
|
|
Execution Certificate
|
$88
|
|
Title Search
|
$75
|
|
Photocopies, faxes, and
postage
|
$20
|
|
Miscellaneous
|
$35
|
|
Land Transfer Tax (e.g.
$200,000 home)
The regular rate of land transfer tax on
the purchase price is as follows:
a) Amounts up to and including $55,000 -
0.5%
b) Amounts exceeding $55,000, up to and including
$250,000 - 1.0%
c) Amounts above $250,000 - $1.5%
d) Where the property contains at least one
and not more than two single family residences, the land transfer
tax will be 2.0% on the portion of the consideration that is above
$400,000 .
|
$1,725
|
|
Approximate G.S.T
|
$110.00
|
|
Approximate Total Disbursements
|
$3525.00
|
|
Other Fees - If
your down payment is less than 25% of the purchase price of the
home, the mortgage will require insurance from CMHC. The premium
is usually added to the mortgage.
This premium ranges from .5% of the mortgage
value to 2.5% depending on the size of the down payment. There is
also Provincial Sales Tax of 8% on the premium which is an up front
cost and cannot be added to the mortgage.
|
$350
|
|
Property Tax Adjustment
- In addition to the above costs, you may be required to have cash
on hand to repay the vendors for taxes they prepaid. A good rule
of thumb is to have enough money on hand to pay six months of taxes
e.g. $120,000 home
|
$950
|
|
Interest Adjustment
- Depending on the date chosen by the lender as the interest adjustment
(the date the mortgage starts) you may be required to pay interest
to the lender from the date the money is required and the interest
adjustment date. The maximum amount would be one month's interest
at the rate of interest charged in the mortgage.
|
|
|
Insurance - You
will have to arrange for fire insurance on the property a few days
before possession. The annual rate is based on the value of the
property, approximately .......
|
$350
|
|
Deposits - some
utility companies require that a new customer put down a deposit
to cover future bills.
|
|
|
Suggested cash on
hand - a minimum of ...
|
*$5000
|
|
|
|
*These figures are an estimate only.
Disbursements costs vary depending on the municipality where the
property is located. Not all of these disbursements are applicable
to every purchase and are subject to change. It is recommended that
you consult your lawyer for confirmation of your total costs.
|
|
|
|
|
|
Estimated Purchaser Closing
Costs
(With Title Insurance)
|
|
Common Legal Fee -
|
$500
|
|
Common Disbursements
|
|
|
|
|
Conveyancer Fee For Search
|
$75
|
|
Conveyancer Fees For
Closing
|
$50
|
|
Execution Search
|
$44
|
| Photocopies |
$11
|
|
Faxes
|
$7.50
|
|
Courier
|
$30
|
|
Title Insurance
|
$170
|
|
Land Transfer Tax (e.g.
$200,000 home)
The regular rate of land transfer tax on
the purchase price is as follows:
a) Amounts up to and including $55,000 -
0.5%
b) Amounts exceeding $55,000, up to and including
$250,000 - 1.0%
c) Amounts above $250,000 - $1.5%
d) Where the property contains at least one
and not more than two single family residences, the land transfer
tax will be 2.0% on the portion of the consideration that is above
$400,000 .
|
$1,725
|
|
Approximate G.S.T
|
$63.52
|
|
Approximate Total Disbursements
with Title Insurance (Please discuss this with your solicitor)
|
$2696.00
|
|
Other Fees - If
your down payment is less than 25% of the purchase price of the
home, the mortgage will require insurance from CMHC. The premium
is usually added to the mortgage.
This premium ranges from .5% of the mortgage
value to 2.5% depending on the size of the down payment. There is
also Provincial Sales Tax of 8% on the premium which is an up front
cost and cannot be added to the mortgage.
|
$350
|
|
Property Tax Adjustment
- In addition to the above costs, you may be required to have cash
on hand to repay the vendors for taxes they prepaid. A good rule
of thumb is to have enough money on hand to pay six months of taxes
e.g. $120,000 home
|
$950
|
|
Interest Adjustment
- Depending on the date chosen by the lender as the interest adjustment
(the date the mortgage starts) you may be required to pay interest
to the lender from the date the money is required and the interest
adjustment date. The maximum amount would be one month's interest
at the rate of interest charged in the mortgage.
|
|
|
Insurance - You
will have to arrange for fire insurance on the property a few days
before possession. The annual rate is based on the value of the
property, approximately .......
|
$350
|
|
Deposits - some
utility companies require that a new customer put down a deposit
to cover future bills.
|
|
|
Suggested cash on
hand - a minimum of ...
|
*$4000
|
|
|
|
*These figures are an estimate only.
Disbursements costs vary depending on the municipality where the
property is located. Not all of these disbursements are applicable
to every purchase and are subject to change. It is recommended that
you consult your lawyer for confirmation of your total costs.
|
|
|
|
|
Estimated Closing Costs For
Sale Of Property
|
|
Common Legal Fee -
|
$500
|
|
Common Disbursements
|
|
Discharge of Mortgage
|
$50
|
|
Conveyancer Fees
|
$50
|
|
Photocopies
|
$7.50
|
|
Faxes
|
$5
|
|
Courier
|
$45
|
|
Approximate G.S.T
|
$46
|
|
Approximate Total
|
$703.50
|
| |
|
*These figures are an estimate only.
Disbursements costs vary depending on the municipality where the
property is located. Not all of these disbursements are
applicable to every purchase and are subject to change. It is
recommended that you consult your lawyer for confirmation of your
total costs.
|
|
|
