Survey

If the seller does not provide you with an acceptable survey in the Agreement of Purchase and Sale, you will need to obtain a new survey. Approximate cost: : $650+

Title Insurance

A title insurance policy can eliminate the requirement for a new survey. Title insurance is an insured statement of the condition of title or ownership of real property, at the time the policy is issued. Approximate cost: $250-275 (residential)

Land Transfer Tax

The Land Transfer Tax is payable on all purchases. The tax is calculated on the purchase price of a home according to a specific formula. See Land Transfer Tax Calculation for more information. Approximate cost: Varies

Legal Fees

Legal fees will vary according to the lawyer. Make sure you ask what the fee includes. Approximate cost: $650+

Disbursements

Disbursements are costs that you lawyer will have to pay on your behalf, such as registration fees, photocopies, etc. Approximate cost: $150+

Statement of Adjustments

The purchaser and the seller are each responsible for their share of taxes, fuel, and utilities. These costs will be reflected in the statement of adjustments. Approximate cost: Varies

Home Insurance

Home insurance premiums will vary from one insurance company to another and according to your insurance needs. Contact your insurance broker for rates. Approximate cost: Varies

Mortgage application

Your lending institution will charge a fee for processing your mortgage application. Approximate cost: varies.

Contact Chris Nichilo our mortgage specialist for all your important mortgage questions and visit his website to learn more about what Chris can do for you.

Mortgage Appraisal

Approximate cost: $200

Home Inspection

Prior to buying a new home, you should have a home inspection performed to identify any significant structural, electrical or plumbing problems with the home. Some lending institutions require that you have a home inspection completed before approving financing. Approximate cost: $200 - $400

GST

Although most residential re-sale homes are exempt from GST, most services involved with the transaction will be subject to GST. This includes lawyer's fees, appraisals, processing fees, insurance, moving costs, real estate fee, home inspection, survey or title insurance, etc. Substantially renovated houses are subject to GST if purchased from the builder/renovator. Approximate cost: Varies

Call the TownHouse Guys for assistance or simply send a quick email to theguys@townhouseguys.com  We have Mortgage Brokers who can answer your questions right away and their service is FREE to our Buyers.

If you have set aside 2% of the purchase price then you are prepared for the costs associated with purchasing a home.