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Closing
Costs And Extras
Upon closing your new home, you
can expect some of the following expenses:
-
Tax and Mortgages - Figures are only
available through a lawyer
-
Mortgage Insurance Fees - If CMHC is used
for a high-ratio mortgage
-
Mortgage Inspection Fee - Only if CMHC
high ratio mortgage is used
-
Oil Tank - at the current cost per litre
-
Survey It is a requirement today with
all mortgage lenders that a survey be provided with every new
mortgage arranged, showing the location of the building. Title
insurance can sometimes be used if there is no survey available.
-
Registered Deed - Deals with legal
registration of the property in the Buyer's name as well as,
mortgage and legal description details.
-
Registered Mortgage - Procedure to
register the Mortgage at the Registry Office
-
Title Search Lawyer searches title of
property to make sure all is in order
-
Tax Certificate - Determines how much is
owing for outstanding costs (taxes etc).
-
Sheriff's Certificate - Determines if any
outstanding liens are present on the property.
-
Zoning Compliance - Determines if certain
area is within the allowable city zoning code for the new or
continuing use of the property.
-
Land Transfer Tax - Your individual land
transfer tax calculation will be verified by your solicitor, but
you can use the following chart as a guide.
-
Up to $55,000 x .5% of total
property value
-
$55,000 to $250,000 x 1% of
total property value
-
$250,000 to $400,000 x 1.5%
of total property value
-
$400,000 up x 2% of total
property value
Note: all of the above are not guaranteed and are
only to be used as guidelines. Your Sales Representative, Mortgage
Broker or Solicitor will be happy to provide you with accurate
figures.
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