Karin & Brian  Vetere

Karin & Brian Vetere

Sales Representatives

Sutton Group - Summit Realty Inc., Brokerage*

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Buying Costs & Tips

Additional Costs Incurred in Home Buying

The purchase price of your home is not the only one cost one has to consider.

The Deposit: What you need to put down with your formal offer to purchase.

Home Inspection Fee: A home inspection will reveal deficiencies in the home that you may be unaware of prior to firming up the deal.

Land Transfer Tax: Payable on the purchase price of your home (Buying Only) Use the land transfer tax calculator to calculate both Ontario and City of Toronto land transfer taxes.

Insurance: The lender will require property insurance for the replacement value of the home and contents upon closing.

Title Insurance: Provides coverage in case there are any issues with title. Cost a few hundred dollars which the lawyer will talk to you about. This is especially important if you don't have a Land Survey. For more information click here - Title Plus Title Insurance

Appraisal Fee: Your lender will usually request this.

Mortgage Loan Insurance: Only if you are putting less than 20% down.

Land Survey:
If the Seller does not provide one it may be necessary to have one prepared as some lenders ask for it. Costs are upward of $750.00.

HST: Resale homes are exempt but it does apply to new construction. Check if you qualify for a partial rebate.

Legal Fees: Get quotes from lawyers regarding their closing for Purchase; preparing & registering the mortgage; disbursements including search fees; title deed, conducting a title search; courier costs; photocopying etc. Approximately $900 and up.

Moving Costs: Varies on the time it takes to pack, load, unload, distance etc. Get more than 1 estimate from reliable moving companies with good references.

Other Costs: Hook up fee charges from utility companies. Also when the seller has prepaid expenses such as property taxes, fuel, condo fees, etc he will have to be paid back on this which you will see in the Statement of Adjustments that your lawyer will do.

Buying Tips - Main Menu

12-Step Guide to Buying Your HomeLand Transfer Tax DetailsGovernment Programs for Home BuyersDream Home ChecklistTitle Insurance DetailsHouse Hunting ChecklistWhat to Expect From Your RealtorThe Realtor CommitmentHelpful Links

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