Additional Costs Incurred in Home Buying 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 Mortgage Loan Insurance: Only if you are putting less than 20% down. 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.
The Deposit: What you need to put down with your formal offer to purchase.
Appraisal Fee: Your lender will usually request this.
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.
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 Costs & Tips
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.
Buying Tips - Main Menu
