Doreen
BaranKeller Williams Referred Realty
(416) 487 - 0827 (Direct)
(888) 370 - 7778 (Toll Free)
(416) 487 - 0192 (Fax)
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·Purchaser Closing Costs Without Title Insurance ·Purchaser Closing Costs With Title Insurance |
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Common Legal Fee -
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$500
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Plan of Survey ( if not
provided for in agreement )
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$700
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Estoppel Certificate ( instead
of survey if a condominium $50 )
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Building and Zoning Report
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Tax Certificate
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$30-$50
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Gas Report
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$15
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Water Report ( if required
)
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$15
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Hydro Report ( if required
)
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$15
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Register Deed ( no GST )
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$50
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Register Mortgage ( no GST
)
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$50
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Execution Certificate
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$88
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Title Search
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$75
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Photocopies, faxes, and
postage
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$20
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Miscellaneous
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$35
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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
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Approximate G.S.T
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$110.00
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Approximate Total Disbursements
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$3525.00
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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
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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
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$950
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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.
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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 .......
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$350
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Deposits -
some utility companies require that a new customer put down a deposit
to cover future bills.
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Suggested cash on hand -
a minimum of ...
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*$5000
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Compliments of Doreen Baran |
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Common Legal Fee -
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$500
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Conveyancer Fee For Search
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$75
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Conveyancer Fees For Closing
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Execution Search
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$44
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Photocopies |
$11
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Faxes
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$7.50
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Courier
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$30
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Title Insurance
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$170
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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
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Approximate G.S.T
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$63.52
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Approximate Total Disbursements
with Title Insurance (Please discuss this with your solicitor)
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$2696.00
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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 ...
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*$4000
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Compliments of Doreen Baran |
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Common Legal Fee -
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$500
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Discharge of Mortgage
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$50
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Conveyancer Fees
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$50
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Photocopies
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Faxes
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$5
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Courier
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$45
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Approximate G.S.T
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$46
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Approximate Total
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$703.50
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*These figures are an estimate only. Disbursements costs vary depending on the municipality where the property is located. Not all of thesedisbursements are applicable to every purchase and are subject to change. It is recommended that you consult your lawyer for confirmation of your total costs. |
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Compliments of Doreen Baran |
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Doreen
Baran
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