| Common Legal Fee - (eg. $250,000
purchase with $187,500 mortgage).......... |
$500 |
Common
Disbursements
|
| Survey Certificate (up to $500+ if snow on the ground) |
$275 |
| Zoning Memorandum |
$50 |
| Tax Certificate |
$20 |
| Register Land at Land Titles
Office |
$55 |
| Register Mortgage at Land
TitlesOffice |
$55 |
| Search of Title |
$20+ |
| Courier Charges (minimum of 5 on
purchase) |
$70 |
| Miscellaneous |
$200 |
| Property Transfer Tax (e.g.
$250,000 home) - tax is 1% of first
$200,000 of purchase price and 2% of any balance
|
$3000 |
| G.S.T |
$87 |
| Subtotal |
$4332 |
| 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 mortgage insurance
application fee is ................. |
$75 |
CMHC appraisal
fee ...................................................
There is also an insurance
premium which 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.
|
$188 |
| 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 annual rate for a basic
policy is approximately ........ |
$250 |
| Suggested cash on hand - a
minimum of ....................... |
$6000 |
| |
| * These
figures are an estimate only. They are subject to change
and it is recommended that you consult your lawyer for
confirmation of your total costs. |
| |
| |
