There are many costs associated when you purchase a property. The following information should be considered a general guide rather than a comprehensive list.
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+ |
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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) |
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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 |
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Legal Fees
Legal fees will vary according to the lawyer. Make sure you ask what the fee includes. Approximate cost: $650+ |
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Disbursements
Disbursements are costs that you lawyer will have to pay on your behalf, such as registration fees, photocopies, etc. Approximate cost: $150+ |
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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 |
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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 |
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Mortgage application
Your lending institution will charge a fee for processing your mortgage application.
Approximate cost: varies |
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Mortgage Appraisal
Approximate cost: $200 |
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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 |
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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 |
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