| 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 (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 |
