Jacqueline Dolynny Sutton Norland Group
(306) 241-2150
*E Mail For More Info
| Common Legal Fee - (eg. $80,000 purchase with $60,000 mortgage) ....... | $350 | ||||||||||
Common Disbursements |
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| 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 (e.g. $80,000 home) | $250 | ||||||||||
| a: 0 -$30,000 no tax | |||||||||||
| b: $30,000 - $90,000 .5% | |||||||||||
| c: $90,000 - $150,000 1.0% | |||||||||||
| d: $150,000 - 1.5% | |||||||||||
| G.S.T. | $60 | ||||||||||
| Subtotal | $1160 | ||||||||||
| 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 $2630 | ||||||||||
*These figures are an estimate only. They are subject to change and it is recommended that you consult your lawyer for confirmation of your total costs.
Jacqueline Dolynny
Sutton Norland Group
(306) 241-2150
*E Mail For More Info
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