Closing Costs
Buyers need to know that in addition to the Down-payment, there are other costs involved when purchasing a home. As a general rule: Set aside approximately 3 percent of the Purchase Price for your Closing Costs. The following are some of the costs that you can expect to incur:
- Lawyer's fees and disbursement expenses
- Adjustments for property taxes and/or utilities paid in advance by the previous Home owner. In the case of Condominiums, any monthly condominium fees paid in advance.
- Title Insurance
- Land Transfer taxes
- Survey and Appraisal Fees for the Property to satisfy your Mortgage Lender
- Hook-up costs for phone, cable, internet, gas, hydro etc.
- Mortgage insurance on 'Non-Conventional' mortgages
- HST on brand new homes or resale homes where it is payable and not included in the Purchase Price
You may also want to leave some room in your budget for any moving expenses and the cost of new appliances and furniture.