| Common Legal Fee |
|
|
|
|
$550.00 |
|
| Common Disbursements |
|
| Plan Of Survey |
|
|
|
|
$600.00 |
| Zoning Report |
|
|
|
|
63.00 |
| Tax Certificate |
|
|
|
|
36.75 |
| Union Energy Report |
|
|
|
|
30.00 |
| Utilities Report |
|
|
|
|
10.00 |
| Register Deed |
|
|
|
|
|
60.00 |
| Register Mortgage |
|
|
|
|
60.00 |
| Execution Certificate |
|
|
|
|
96.00 |
| Title Search |
|
|
|
|
|
75.00 |
| Photocopies & Postage |
|
|
|
|
25.00 |
| |
|
|
|
|
|
|
| Land Transfer Tax (eg. $100,000 home) |
|
725.00 |
|
| The regular rate of land transfer tax on the
purchase price is as follows: |
|
| (a)Amounts up to and including $55,000.00 |
|
|
|
|
0.5% |
| (b)Amounts exceeding $55,000.00, up to and including
$250,000 |
|
1.0% |
| (c)Amounts above $250,000.00 |
|
|
|
|
|
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 $400,000.00 |
|
|
2.0% |
|
| G.S.T. |
|
|
|
|
|
|
$70.00 |
|
|
|
|
|
|
Subtotal |
$2400.75 |
|
|
|
| Other Fees |
|
| CMHC |
| 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. The premium ranges from
.5% of the mortgage |
| value to 2.5% depending on the size of down
payment. There is also |
| Provincial Sales Tax of 8% on the premium which
is an up front cost |
| and can not be added to the mortgage. |
|
|
|
|
$250.00 |
|
| 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. In addition, |
| your lender may also request that you pre-pay
a few months taxes as well. |
| A good rule of thumb is to have enough money
to pay six months taxes. |
$700.00 |
|
| 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
a few days before possession. |
| The annual rate is based on the value of the
property, approximately |
$250.00 |
|
| DEPOSITS |
| Some utility companies require that a new customer
put down a deposit |
| to cover future bills. |
|
| SUGGESTED CASH ON HAND -a minimum of |
|
|
|
$3600.75 |
|
