Wednesday Mar 28th, 2018


Be aware of what you have to pay for, so you can work it into your budget ahead of time!🏡
You can read this all in my blog. Link in bio
✔️Deposit- typically 5% or purchase price
✔️Home Inspection- $300-$500
✔️Balance of the purchase price- purchase price minus deposit amount. (This will come from your lender and become your mortgage🙌🏻)
✔️Legal Fees- usually budget around $1,100-1,800
✔️Title Insurance (sometimes included in your legal fees, $250-$400)
✔️Property Survey (if required – $1,000-$2,000)
✔️Ontario Land Transfer Tax (varies depending on purchase price – see our Land Transfer Calculator. First time home buyers receive a rebate up to $4000)
✔️Property Tax Adjustment (reimbursement to Seller of property taxes they paid beyond the closing date)
✔️HST (generally only applicable on new construction condos and houses)
✔️Tarion Warranty Fees (warranty on new construction condos and houses only, not resale) – click here to estimate Tarion Fees
✔️Adjustments for Utilities/Condo Fees/etc (reimbursement to Seller for prepaid utilities, etc.)
✔️CMHC Insurance Premium- insurance premium charged if you have less then 20% down payment, you can roll the premium cost into your mortgage payments * however you must pay the PST [provincial sales tax] on closing date.

Fo example is the CMHC Premium is $5000 and Ontario PST is 8% you can expect to pay $400 on closing day 


Moving Expenses ($1,000+)
Utility Connection Charges (varies)
Redecorating and Renovating Costs (varies)
Immediate Repair and Maintenance Costs (varies)

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