DEPOSITTypically about 5% of the purchase price. The deposit becomes part of the purchase price. It is paid into a trust account at my office (Sutton WestCoast) upon the removal of all your subjects/conditions.
INSPECTIONRange from $400 - $800 depending on the inspector, and can take up to a full day. If required, an oil tank search costs about $150. If found, removal depends on many things, and will range from $600 and up.
MORTGAGELenders may charge an application fee - it will vary between lending institutions. On mortgage loans in excess of 80% of the appraised home value, you will have to pay for default insurance. In most cases, it is added to the loan amount and paid for over the term of the loan.
LEGALAs a buyer, you are responsible for conveyance fees, preparation of statements of adjustments and mortgage registration. Typical cost is between $800 - $1100. This fee is paid at the time of closing.
PROPERTY TRANSFER TAX (PTT)This is a provincial tax charged every time a property changes hands. The cost is 1% on the first $200,000 of value, and 2% on the remainder. If you are a first-time buyer, you may be eligible for full or partial relief from this tax on properties up to $500,000. Click here for details on the First-Time Home Buyers Exemption. This tax payable to the provincial government upon closing.
PROPERTY INSURANCEIf you have a mortgage, most lenders will make certain that you have adequately insured the property for loss from fire, flood, etc. Cost of this insurance will vary depending on the coverage, property, area, age and insurer, and can range anywhere from $400 to $1700/year, and in extreme cases even more.
OTHERSome other costs at closing could be property tax adjustments - if the seller has already paid for the year. Adjustments could also apply to maintenance fees or tenant rents.
* This is not an exhaustive list of every potential cost, but does show the most common fees you - as a buyer - may encounter.
Mobile: 604.562.3776 Phone: 604.685.9988 Email: email@example.com