Costs Involved in Buying a Home

Costs Associated with Buying a home.   Appraisal Fee:  The appraisal fee is normally the responsibility of the borrower and is for the purpose of lender’s appraisal of the property to determine current market value.  The costs may range from $100-$250 plus HST. Your bank will advise you and or incorporate into mortgage.   Home Inspection Fee:  A home inspection is something any prudent home buyer will do when buying a property (with the exception of new homes).  Home Inspection is a benefit to the buyer and is therefore a cost that is assumed by them.  It can range from $350-$650 plus HST depending on the size and type of home.   H.S.T:  If your mortgage is CMHC insured there is 13% HST payable on closing on the CMHC fee.  While the CMHC fee may be added to the sum of the money borrowed the HST must be paid upon closing.   Survey Fee or Title Insurance:  Some lenders may require a recent survey of the property, If one is not available, the cost to have a new survey is normally between $700-$1,100 dollars.  In lieu of a survey, Title Insurance is now recommended and in some cases only requirement acceptable from some lenders. Most Lawyers have now packaged the Title Insurance into the other required disbursement charges.   Legal Costs:  A Lawyer will charge a fee for their professional services involved in drafting the title deed, preparing the mortgage, and conducting the various searches.  The disbursements on the other hand, ie; out-of-pocket expenses incurred, such as registrations, searches, supplies, plus H.S.T on these services. You should Cost approximately...

Costs Involved in Selling A Home

Costs Associated with Selling your home.     Legal Costs:  A Lawyer will charge a fee for their professional services involved in drafting the title deed, preparing the mortgage, and conducting the various searches.  The disbursements on the other hand, ie; out-of-pocket expenses incurred, such as registrations, searches, supplies, plus HST on these services. You should Cost approximately $325-375 for disbursements and $400-$600 for your Lawyer’s fee, depending on the Lawyer you choose.   Utility and Property Tax Adjustments:  Closing adjustments for bills that the seller has prepaid such as property taxes, utility bills, and other charges will be prorated.  Any bills after the closing date are the purchaser’s responsibility.  Your lawyer will let you know what they are exactly once the various searches have been completed.   Real Estate Fees: Your Sales Representative Brokerage usually as a Listing % from 4 – 6% depending on the price of your home, most commonly 5% + HST. That fee is dispersed evenly between the listing and selling Sales...