Estimated Closing Costs:
Lawyer or Notary Fee: $400 - $900
Even a straightforward home purchase requires a lawyer to review the offer to purchase, search the title, draw up mortgage documents and tend to all the closing details.
Survey Certificate: $275 Your lender may require an up-to-date survey. Sometimes the current owner can supply this. Have your realtor request it in the offer to purchase.
Appraisal Fee: $250-350 Your lender may require a property appraisal at your expense.
Property Inspection: $250- 350
A two to three hour inspection performed by a qualified inspector who provides a written report will cost around $250 - $350 an engineer, closer to the upper limit.
Zoning Memorandum: $35
Tax Certificate: $25
Registration of Title and Mortgage Documents: $90
Service Charges: $200
You will be charged a fee to hook up new services and utilities, such as your telephone, at your new home
Moving Costs: $300 - $3000
The cost of a professional moving company can be expensive, depending on the size and distance of the move. you can save money here if you have the time, some friends or family and a rental truck to move your self.
Search of Title: $15
Courier Charges: (minimum of 5 on purchase) $35
Miscellaneous: (faxes, etc.) $25.00
(Tax is 1% of first $ 200,000 of purchase price and 2% of any balance)
Title Insurance: $250-350 in British Columbia.
When you purchase a home through us, we offer a Title Insurance policy which allows consumers to defer closing costs for up to 6 months, interest free, on approved credit. These costs include legal fees, the title insurance premium, land transfer tax and other related closing expenses. A modest administration fee is applied. Deferred Closing Costs are beneficial for home purchasers who find the "breathing room" they afford just what is needed to recover from the expense of acquiring a home. Click Here for details
Goods and Service Tax: 7% will apply on most of the above.
Subtotal: Approximately $4600 - $4900
(Not all of the above will apply in every transaction)
*Other Possible Fees: If your down payment is less than 25% of the purchase price of the home, The mortgage will require insurance from CMHC. The mortgage insurance application fee is $75
CMHC appraisal fee is $175
There is also an insurance premium, which is usually added to the mortgage. This premium ranges from .5% of the mortgage value to 3.5% depending on The size of the down payment.
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 have paid in advance (Depending on possession date and how the vendors paid their taxes). Your Lender may also request that you prepay a few months' taxes as well. A good Rule of thumb is to have enough money on hand to pay six months of taxes.
E.g. $ 250,000 home = $1100
Insurance: You will have to arrange insurance on the property before possession. The insurance covers the replacement value of the structure of your home and its contents.
Your lender will insist on this, because your home is the security for the mortgage.The annual rate for a basic policy is approximately: $250
Suggested cash on hand - a minimum of: $6500
These figures are an estimate only. They are subject to change and it is recommended that you consult your lawyer or notary for confirmation of your total costs.
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