There are many costs to a home purchase besides the cost of the property.

For example:

Legal Fees

Seek a lawyer that specializes in real estate. Costs can vary but you can expect a cost of $1400 and upward.

Mortgage Default Insurance

If your down payment is less than 20%, you will need mortgage default insurance. Generally  this insurance adds 0.6% to 3.85% to the cost of the mortgage depending on the total amount borrowed.

Title Insurance

Provides coverage for losses related to title fraud, survey issues, problems with the title and challenges to the ownership of your home. Costs vary depending on value of prorerty.

Other Disbursements

These include registering a deed, registry office searches and others.

Land Transfer Tax

Refer to the calculator tab under BUYER for the land transfer tax calculator.

GST/HST

Applies on a new home or a home that’s been extensively renovated.

Survey

Inquire for a quote. They can range from $1200 upward depending on the property.

Adjustment Costs

Money owing for things paid for by the seller in advance like hydro, gas, fuel oil, and property taxes.

Home Inspection

If you choose to have a home inspection the costs can be $500 and up. Size of home can impact pricing.

Arranging a Mortgage

A survey may be required, an appraisal fee of the purchased home plus administration fees can cost upwards of $500.

Service Charges from Utility Companies

Hook-up charges on electricity, gas, internet and telephone services

The Move

This cost can vary depending on how you choose to move. Do it yourself from packing and hiring your own truck to professional movers and packers. Costs will vary so be sure to get a few quotes.

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