SOME OF YOUR CLOSING COSTS WHEN BUYING

Deposit cheque

Not obligatory but if given with your offer to purchase, becomes part of the down payment.

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Notary fees

Plus GST and QST.

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Adjustment of School Taxes

July 1st to June 30th.

 

Adjustment of Municipal Taxes

January 1st to December 31st.

 

Oil costs 

If applicable the seller fills the oil tank, purchaser pays for full tank.

 

Transfer tax

Otherwise known as the “Welcome Tax”increases in rate the higher the property value.

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Appraisal and Application fee for mortgage

Banks most often waive this fee, GST and QST applicable.

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Building Inspection and report

GST and QST applicable.

 

Mortgage Loan Insurance

Percentage of the face value of the mortgage amount plus applicable taxes,, may also be charge for opening file with C.M.H.C.

 

Moving costs

Get quotes in advance, rates vary amongst companies.

 

Property Insurance

Is mandatory and proof will be required at the signing at the notary.

 

Condo Fees

If the purchased property is a condominium, the purchaser will have monthly condo fees to pay.