| Common Legal Fee - (eg. $100,000 purchase with
$80,000 mortgage).......... |
$500 |
|
Common Disbursements
|
| Survey Certificate |
$370 |
| Register Deed at the Registry of Deeds Office
|
$70 |
| Register Mortgage at Registry of Deeds Office
|
$70 |
Search of Title :
| |
Fee Varies depending on whether or not the law firm has
their own researcher on staff. If on staff, disbursement
generally in the area of $22 |
|
|
$150 |
| Courier Charges |
$25 |
| Miscellaneous |
$50 |
| Deed Transfer Tax (e.g. 1.5% of purchase price
on $100,000) |
$1500 |
| H.S.T |
$108.75 |
| Subtotal |
$2,843.75 |
| Other Fees to Watch For -
If your down payment is less than 25% of the purchase price of the
home, the mortgage will require insurance from CMHC. |
|
| This will result in an additional out of pocket
expensee of ................. |
$235 |
|
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.
When applying for your mortgage, inquire from
your mortgage broker what, if any, interest adjustment may be required
at closing. Often the mortgage company will deduct interest from
the date of closing up until the 1st of the following month to round
off your monthly payments. This is something your lender will be
able to explain to you when you make your mortgage application.
|
|
| 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.
$100,000 home ............................................... |
$750 |
| Insurance - You will
have to arrange insurance on the property before
possession. The annual rate for a basic policy is approximately ........ |
$250 |
| |
