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    Daniella Vona

    Sales Representative

    Sutton Group - Old Mill Realty Inc. Brokerage


    1. Land Transfer Tax: Paid from the buyer on any purchase of a property. Land transfer tax varies depending on the purchase price of the property and area.  When buying in Toronto you will be responsible for paying both a municipal land transfer tax for Toronto and the provincal land transfer tax. There are land transfer tax rebates for first-time homebuyers to help offset the cost of land transfer tax both the province of Ontario and the city of Toronto offer rebates for first-time homebuyers.  In Ontario first-time homebuyers of new and resale homes are legible to receive a refund up to a maximum of $4000. In Toronto first-time homebuyers of new and resale homes are illegible to receive a refund up to a maximum of $4475. Know what to budget with the Land Transfer Cost Calculator.
    2. Legal Fees: Every home purchase requires the services of a lawyer in order to close.  The role of a lawyer is mandatory so when choosing one to work on your behalf it’s important to know that fees will vary based on services provided and location. Fees may or may not include disbursements which are costs the lawyer will have to pay on your behalf, i.e. registration fees, photocopies, register transfer, register mortgage, building and zoning, sheriff’s certificate, tax certificate, utility certificates, etc. It is recommended you always clarify this before committing to work with a lawyer for your closing. For the purposes of financial planning you may want to use the $1500 estimate for legal fees however this varies by lawyer.
    3. Statement of Adjustments: Buyer and Seller are each responsible for their share of taxes, fuel and utilities as of the date of completion of the Agreement of Purchase and Sale.
    4. Mortgage Appraisal: If your lender requires an appraisal report to be completed it will have to be done before the finalize your mortgage approval and lend any mortgage funds.  They may want to be assured that the property is worth what you are paying for it.  The cost may vary and is typically covered by the lender or mortgage specialist however there will be instances when you will be required to cover the fee.  Approximately $250 – $500 (for conventional mortgages), depending on the Lender. Learn more about how to get a mortgage or use the Mortgage Calculator to determine your monthly payments.
    5. Mortgage Insurance: If you do not put 20% down payment on your home purchase you will be required to pay a mortgage insurance premium.  This is typically charged by CMHC, Genworth or another provider.  This should be further explained in detail by your mortgage specialist or lender since rates will vary.  It is important to note that HST portion of your mortgage insurance premium is payable upon closing with your other closing costs. The HST portion is not wrapped into your mortgage payment as is the balance of the premium. Get an estimate with the Mortgage Insurance Calculator.
    6. Home inspection: A home inspection can be ordered for any home no matter the size condition or location.  However keep in mind that all of these factors will determine the cost for the inspection report. This is not a mandatory requirement and can be coordinated by your Realtor upon request. Average cost around $500 depending on the size of house, features and location.
    7. Survey: If the seller should not provide you with an acceptable survey in the Agreement of Purchase and Sale, a new survey will cost approximately $2000. Title insurance is a good alternative.
    8. Title Insurance (optional): Title insurance is a contract of insurance between the insured and the title insurance company. In return for payment of a one-time premium, the title insurance company agrees to defend the insured from future losses arising because of defects or events that occurred prior to the time the policy was issued (ie: a defect on title, an adverse claim or as an alternative to a survey). Cost is approximately $200 – $300. This will reduce the cost of closing disbursements substantially.
    9. Home Insurance: Home insurance varies from one insurance company to another. Contact your broker for rates. Approximately $600 – $800 can be paid annually on an average 3-bedroom, single-family home.
    10. HST: Most residential re-sale homes are exempt from HST. However, most services involved with the transaction will be subject to HST, such as:
    • Lawyer’s Fees
    • Appraisals
    • Processing Fees
    • Home Inspections
    • Insurance
    • Moving Costs, etc.
    • Real Estate Fee
    • CMHC Premium


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    Daniella Vona

    Sales Representative

    Sutton Group - Old Mill Realty Inc. Brokerage

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