Closing Cost Information
Be informed. Homebuyers often are not fully prepared for the additional costs involved in purchasing property. While the purchase price is by far the largest cost, it’s imperative to take into account the numerous direct and indirect expenses (including):
- Legal Fees: for arranging the mortgage, title searches, title deeds and registering the mortgage and disbursements.
- Mortgage Insurance & Application Fee: this is applicable whenever the down payment is less than 20% of the purchase price.
- Appraisal Fee: required by most lending institutions prior to providing financing.
- Home Inspection Fee: Optional but advisable.
- Property Insurance
- Land Transfer Tax: May be exempt if a first-time buyer and acquiring a new home.
- H.S.T.: applies somewhat to all new homes. Partial rebates may be available.
- Moving Costs
- Miscellaneous: Telephone, cable, gas, hydro may require new account or installation charges.
- Storage rental costs
Closing Cost Information, Purchase (Approximate Values Only):
- Legal fees $400-900
- Disbursements $400-900
- Land transfer tax (varies on purchase price) Approximately, just under 1% or price (avoided if new home & first time buyer).
- Home Inspection (if applicable) $300-$600
- Title Insurance $300-$600
- Closing Cost Calculator
Sale (Approximate Values Only):
- Legal fees $300-700
- Disbursements $200-600
- Title insurance $175-200
- Home Inspection Service $250-400 (Highly recommended for purchases)
Other Costs To Consider:
- CHMC Insurance (included if mortgage) (if applicable) (Purchase only) (1%-4% OF Mortgage Amount)
- CMHC application fee (If Applicable) ($160.00 approx) (Mortgage insurance) (PUCHASE ONLY)
- H.S.T ON CHMC (If applicable) OF CHMC Amount
- H.S.T ON Purchase Price (On new home purchases only) – Usually include in purchase price
- Telephone Admnistration fee
- Union Gas Administration Fee
- ENWIN UTILITIES Administration Fee
- Cable Television Administration Fee -Moving costs
- Cleaning service
- Title defects, if any (EX. TAXES, LIENS, ETC.)
- Change locks