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Tip:
Have You Correctly Budgeted For Your Closing Expenses?
 Possible
Closing Costs:
-
Mortgage prepayment penalty:
In most cases a penalty may be charged by a lender when
a mortgage is discharged before its due date. The
penalty may be calculated as a difference in interest
between the rate on your mortgage and the current rate,
over the balance of the mortgage term or a three months
interest, which ever is greater. This penalty is
commonly waived if the mortgage loan is transferred to
another property.
-
Home inspection fee: Paid to a home inspection
company for an inspection of a home's structural
integrity, wear and tear.
-
Mortgage fees: A one-time set up fee paid by the
buyer to a lender or mortgage broker for arranging a
mortgage. This may include appraisal fees and CMHC fees
as well.
-
Prorated Property Taxes: Payment of property taxes
to the seller for any portion of the year's taxes which
may have been prepaid in advance by seller.
-
Land Transfer Taxes: If you're buying a home, you
will incur Land Transfer Taxes, calculated on the sale
price of the home.
-
Recording fees: For recording the transferred deed,
mortgage status and various releases. This is normally a
part of the legal fees you pay.
-
Real estate commission: The real estate brokerage
fee, normally paid by the seller, typically based on a
percentage of the sales price of a home.
-
Legal fees: Paid to your Solicitor for consultation
services, representation and services required to close
the transaction.
-
GST (Goods and Services Tax): GST is applicable on
real estate, home inspection, and lawyer's fees. If you
are purchasing a newly built home, GST is applicable
based on the purchase price.
Possible Moving Costs:
- Mover’s
charges: The costs of moving and transporting the
contents of your home. Fees are based on weight or volume, distance to destination,
packing charges, carton purchases, storage (if
required), loading and unloading.
- Liability
insurance: Several options are available from movers
or insurance companies for
protecting your possessions from damage while in transit.
As part
of our services, we are happy to sit with you and assist you
in budgeting your costs related to buying or selling a home. Call or e-mail
us today. |
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