Deposit cheque with your offer to purchase, which becomes part of the down payment (if applicable).
Notaries’ fees of approximately $950 plus summary costs plus all applicable taxes; GST & PST.
Adjustment of school taxes (July to June).
Adjustment of municipal taxes (January to December).
Oil costs if applicable (One full tank approx. 909 liters at current rates).
Transfer tax: 0.5% on first $50,000, 1% on the difference from $50,000 to $250,000 and 1.5% on the difference over $250,000. Tax is based on the sale price or evaluation and is payable six weeks after signing.
Appraisal and Application fee for mortgage, which normally does not exceed $250 plus all applicable taxes, GST & QST. Banks usually waive this fee.
Building Inspection, if requested, which normally does not exceed $450, plus all applicable taxes, GST & QST, for written report.
C.M.H.C. premium for high ratio mortgage .5% to 4.25% of face value plus 9% tax on the premium. C.M.H.C. charge for opening of a file is approx. $235.
Property insurance is mandatory and proof will be required before the signing.
If the purchased property is a condominium, the purchaser will have monthly condo fees to pay and might have an adjustment for reserved fund at closing.
