CLOSING COSTS TO CONSIDER
To assist you in preparing for Closing Costs I have created this document
so that there will
not be any surprises come closing time. Please feel free to contact us
with any questions
you have regarding any of the below items. Costs will vary.
Land Transfer (First Time Buyers are exempt in most
cases)
HST (If Applicable)
Legal Costs (Legal Fees, Disbursements, Title Insurance
Registration Costs,
Search Costs, Conveyancer, etc.)
Mortgage Broker Fee (If Applicable)
Lender Fee (If Applicable)
Interest Adjustment (This is the interest you will pay
for receiving your
mortgage before the official start of your mortgage. i.e. If your
completion was on the 23rd
of a 30 day month, your interest adjustment would be 7 days interest.)
Property (Most municipal are paid July 1st for the
calendar year
If you purchase a property before July 1st the seller will be paying you
for the days they
owned the home after January 1st and you will pay the city If you
purchase a property after
July 1st the seller will already have paid the city and you will pay the
seller for the days
you own the property up to December and you will pay the seller for the
days you own the
property up to December 31st.)
Property Appraisal (If Applicable, to determine the
value)
Property Inspection (If Applicable to determine the
condition)
Wellwater/Septic Certificate (If Applicable)
Property Survey (If Applicable)
Fire Insurance (Not required for most condos)
Payout Penalties (For a refinance)
Moving Expenses (If Applicable)
Utility Connections (If Applicable)
