| Common Legal
Fee - (eg. $80,000 purchase with $60,000 mortgage) ....... |
$350 |
| |
|
Common Disbursements
|
| Survey Certificate |
|
|
|
|
|
|
|
|
$325 |
| Zoning Memorandum
|
|
|
|
|
|
|
|
$35 |
| Tax Certificate
|
|
|
|
|
|
|
|
|
$25 |
| Register Land
at Land Titles Office |
|
|
|
|
|
$40 |
| Register Mortgage
at Land Titles Office |
|
|
|
$50 |
| Search of Title
|
|
|
|
|
|
|
|
|
$15 |
| Courier charges(minimum
of 5 on purchase) |
|
|
|
$35 |
| Miscellaneous |
|
|
|
|
|
|
|
|
$25 |
| Land Transfer
Tax 0.25% (e.g. $80,000 home) |
|
$200 |
| |
|
|
|
|
|
|
H.S.T. |
|
$135 |
| |
|
|
|
|
|
|
|
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|
|
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|
Subtotal |
|
$1235 |
| Other
Fees - If your down payment is less than 25% of the purchase
price of the home, the mortgage will require insurance from CMHC.This
will result in an additional out-of-pocket expense of ................. |
$75 |
| |
|
|
|
|
|
|
|
|
|
| There is also
an insurance premium which is usually added to the mortgage. This
premium ranges from .5% of the mortgage value to 2.5% depending on
the size of down payment. |
| |
Property
Tax Adjustment - In addition to the above costs, you
maybe required to have cash on hand to repay the vendors for taxes
they have paid in advance (depending on poss. date and how the sellers
paid their taxes). Your lender may also request that you pre-pay a
few months taxes as well. A good rule of thumb is to have enough money
on hand to pay six months of taxes.
e.g. $80,000 home |
|
$750 |
| |
Interest
Adjustment - Between the date of possession and the time
the transaction clears the Land Titles Office you will be required
to pay interest to the vendor instead of to the lender. You will have
to pay this money up front (think of this as the same as making your
first mortgage payment. You will probably require 30 days interest.
e.g. $60,000 mortgage @ 8% = 60,000 x 8% ÷365 x 30 days = |
$395 |
| |
Insurance
- You will have to arrange insurance a few days before possession.
The annual rate for a basic policy is approximately..................... |
$250 |
| |
| Suggested
cash on hand - a minimum of ... |
Total $2705 |
|
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