Iris Irwin Johnson Associates Halton Ltd.
905-874-3040 (Toronto)
905-877-5165 (Local, 24 Hr. Pager)
519-833-9714 (Erin)
905-873-2822 (Fax)
*E Mail For More Info
Estimated Closing Costs In Halton Hills Area |
|
| Common Legal Fee - | $500 |
Common Disbursements |
|
| Plan of Survey ( if not provided for in agreement ) | $800 |
| Estoppel Certificate ( instead of survey if a condominium $50 ) | |
| Building and Zoning Report | |
| Tax Certificate | $30-$35 |
| Gas Report | $10 |
| Water Report ( if required ) | $15 |
| Hydro Report ( if required ) | $15 |
| Register Deed ( no GST ) | $50 |
| Register Mortgage ( no GST ) | $50 |
| Register Mortgage at Registry Office | $50 |
| Execution Certificate | $99 |
| Title Search | $75 |
| Photocopies, faxes, and postage | $20 |
| Miscellaneous | $35 |
| Land Transfer Tax (e.g. $200,000
home) The regular rate of land transfer tax on the purchase price is as follows: a) Amounts up to and including $55,000 - 0.5% b) Amounts exceeding $55,000, up to and including $250,000 - 1.0% c) Amounts above $250,000 - $1.5% d) Where the property contains at least one and not more than two single family residences, the land transfer tax will be 2.0% on the portion of the consideration that is above $400,000 . |
$1,725 |
| G.S.T | $112.28 |
| Subtotal | $3541.28 |
| Other Fees -
If your down payment is less than 25% of the purchase
price of the home, the mortgage will require insurance
from CMHC. The premium is usually added to the mortgage. This premium ranges from .5% of the mortgage value to 3.75% depending on the size of the down payment. There is also Provincial Sales Tax of 8% on the premium which is an up front cost and cannot be added to the mortgage. |
$350
|
| Property Tax Adjustment - In addition to the above costs, you may be required to have cash on hand to repay the vendors for taxes they prepaid. A good rule of thumb is to have enough money on hand to pay six months of taxes e.g. $120,000 home | $950 |
| Interest Adjustment - Depending on the date chosen by the lender as the interest adjustment (the date the mortgage starts) you may be required to pay interest to the lender from the date the money is required and the interest adjustment date. The maximum amount would be one month's interest at the rate of interest charged in the mortgage. | |
| Insurance - You will have to arrange for fire insurance on the property a few days before possession. The annual rate is based on the value of the property, approximately ....... | $350 |
| Deposits - some utility companies require that a new customer put down a deposit to cover future bills. | |
| Suggested cash on hand - a minimum of ... | *$5000 |
| *These figures are an estimate only. Disbursements costs vary depending on the municipality where the property is located. Not all of these disbursements are applicable to every purchase and are subject to change. It is recommended that you consult your lawyer for confirmation of your total costs. | |
Iris Irwin
Johnson Associates Halton Ltd.
905-874-3040 (Toronto)
905-877-5165 (Local, 24 Hr. Pager)
519-833-9714 (Erin)
905-873-2822 (Fax)
*E Mail For More Info
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