Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
- 5% or more.
- In some cases a 10% down payment is required depending on the Buyers employment, income and credit history.
|Processing a Mortgage →||Apprasial & Application Fee $235.00 approx.For lender purposes & CMHC insurance.|
|Mortgages Life Insurance →||Optional|
|Pre-Approved for a mortgage →||Get approved by a Mortgage Broker, Lender (Bank) or Trust Company.|
|Buyer Incentives →||OHOSP– Ontario Home Ownership Savings Plan. If opened before December 31st 1993, you receive a Tax Rebate for Land Transfer Tax.
Down Payment: 5% down for Buyers.
RRSP Monies: Can be used for Down Payment, up to $20,000 for each individual involved in the purchase.
|Home Inspection →||$ 350.00-400.00 (approx). Highly recommended for both resale and new construction.|
|Legal Fees Disbursements →
|Statement of Adjustments →Given to the Buyer upon Closing
|This is a summary of all costs and expenses paid by the Buyer(s) and will be provided to the Buyer(s) upon closing.|
|Land Transfer Tax →
|Applies to all transfers of land in Ontario.First-time homebuyers may be eligible for a refund of all or part of the tax. For transfers where:
Applications for a refund must be made within 18 months after the date of the transfer.
|Title Insurance →||$300 (approx). If there is no Survey, title insurance will satisfy the Lender and you will not have to incur the cost of a new survey. Title insurance is a must on all Real Property Purchases.|
All fees, costs & disbursements quoted are approximate. Actual fees, costs & disbursements could be more or less and should be obtained directly from the Lawyer.