Closing Costs
One common mistake is overlooking the closing costs that need to be paid at the end of the buying process. While budgeting for your home purchase, you’ll want to have an accurate picture of the additional costs you’ll need to pay. Some of these costs may include land transfer taxes, title insurance, property valuation fees, home inspection fees and legal fees. Visit the pages below to learn more about the costs that’ll apply to your purchase.
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Closing Costs Overview
Closing costs, ranging from 1.5 to 4% of selling price, are the legal and administrative costs you will need to pay when your house closes....
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Real Estate Lawyer
Whether you’re buying, selling or refinancing your home, one of the most important people you’ll work with is your real estate lawyer or notary...
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Interest Adjustment
An interest adjustment is a closing cost that only some home buyers have to pay, which makes it a little confusing for those who find...
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Statement of Adjustments
Whether you’re buying, selling or refinancing your home, you’ll need a real estate lawyer or notary to help you complete your paperwork and facilitate the financial transaction...
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GST/HST
If you buy or build a brand new home or condo, you need to pay the federal goods and services tax (GST) on the purchase price...
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PST on Mortgage Default Insurance
If you don’t save enough to make a down payment of 20% or more on a home, you will need to purchase mortgage default insurance. More commonly known as CMHC insurance...
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Other Buyer’s Fees
On top of your standard closing costs, there are a few other fees you may have to pay when you purchase your home or condo...
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Home Insurance
It is easy to get overwhelmed during the home buying process. On top of it being the largest transaction you’ve ever made, things move quickly...
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Property Taxes
One of the carrying costs that come with homeownership is your property tax. Property taxes are charged by the municipality you live in, and...